Georgia Marble Co. v. Commissioner
United States Board of Tax Appeals
On November 1, 1926, petitioner executed a first mortgage trust indenture with a trust company as trustee, wherein petitioner agreed, among other things, "that no dividends shall be paid in any event that would reduce the net quick assets of the Company below five hundred thousand dollars."
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On November 1, 1926, petitioner executed a first mortgage trust indenture with a trust company as trustee, wherein petitioner agreed, among other things, "that no dividends shall be paid in any event that would reduce the net quick assets of the Company below five hundred thousand dollars." Upon the evidence, held, petitioner's net quick assets on December 31, 1936, were in excess of $500,000 and that to the extent of this excess, petitioner could have paid a cash dividend in 1936; held, further, that in determining the credit which petitioner is entitled to receive under section 26(c)(1) of…
1Opinion of the Court
GEORGIA MARBLE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Georgia Marble Co. v. Commissioner
Docket No. 100555.
United States Board of Tax Appeals
46 B.T.A. 552; 1942 BTA LEXIS 857;
March 10, 1942, Promulgated
On November 1, 1926, petitioner executed a first mortgage trust indenture with a trust company as trustee, wherein petitioner agreed, among other things, "that no dividends shall be paid in any event that would reduce the net quick assets of the Company below five hundred thousand dollars." Upon the evidence, held, petitioner's net quick assets on December 31, 1936,…
2Cases cited3 opinions
- Floyd, Inc. v. CommissionerUnited States Board of Tax Appeals · 1940
- Thew Shovel Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Georgia Marble Co. v. CommissionerUnited States Board of Tax Appeals · 1942