Rudolph Wurlitzer Co. v. Commissioner
United States Board of Tax Appeals
Under the Constitution and statutes of the State of Illinois, all stockholders of an Illinois corporation are entitled to vote in all elections for directors.
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Under the Constitution and statutes of the State of Illinois, all stockholders of an Illinois corporation are entitled to vote in all elections for directors. The preferred stock of a corporation issued subject to a provision that it "shall have no voting power, except that if said dividends shall not be paid within one year after the expiration of any fiscal year" may not be considered "nonvoting stock" within the purview of section 141 of the Revenue Act of 1928, even though dividends are not in default.
1Opinion of the Court
*445OPINION.
Smith :
The basic question presented by this proceeding is whether the preferred stock of the Wurlitzer Grand Piano Co. is “ nonvoting stock ” within the meaning of section 141 (d) of the Kevenue Act of 1928, which reads in part as follows:(d) Definition of “ affiliated (/roup”. — As used in this section an “affiliated group ” means one or more chains of corporations connected through stock ownership with a common parent corporation if—(1) At least 95 per centum of the stock of each of the corporations (except the common parent corporation) is owned directly by one or more of the other…
2Cases cited5 opinions
- Luthy v. ReamIllinois Supreme Court · 1915
- Hall v. WoodsIllinois Supreme Court · 1927
- People ex rel. Watseka Telephone Co. v. EmmersonIllinois Supreme Court · 1922
- People Ex Rel. Weber v. CohnIllinois Supreme Court · 1930
- Cortez Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1930
3Cited by9 opinions
- Alumax Inc. v. CommissionerUnited States Tax Court · 1997
- Erie Lighting Co. v. CommissionerCourt of Appeals for the First Circuit · 1937
- Rudolph Wurlitzer Co. v. Commissioner of Int. Rev.Court of Appeals for the Sixth Circuit · 1936
- Alumax Inc. and Consolidated Subsidiaries v. CommissionerUnited States Tax Court · 1997
- Alumax Inc. v. CommissionerUnited States Tax Court · 1997
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