Geo. W. Ultch Lumber Co. v. Commissioner

OPINION.

HaRROn, Judge:

Issue 1. Stockholders of petitioner received additional shares of stock on January 25,1908, May 14,1908, January 23, 1909, and January 11, 1910, in the aggregate amount of $55,065.35 ($59,600 less $4,534.65). Petitioner included the above amount in its invested capital in its excess profits tax returns for 1944 and 1945, as “Distributions of earnings and profits in stock of the corporation.” Respondent excluded the entire sum from invested capital and petitioner challenges that determination. Under this issue, four issuances of stock are involved. The issue presents the…