Tobacco Products Export Corp. v. Commissioner
United States Tax Court
Held, the taxpayer, a corporate stockholder, is entitled to a dividends received credit on the proceeds from the sale of stock subscription rights which were conceded to be taxable as ordinary income.
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The issue in this proceeding is whether the petitioner is entitled to a dividends received credit under section 26 (b), Internal Eevenue Code,1 on the proceeds received from the sale by it of Philip Morris stock rights. As a common stockholder in Philip Morris, the petitioner received rights to subscribe to the preferred stock of that corporation. Petitioner sold the rights in 1946 for $12,685.23. The petitioner reported this amount for tax purposes as capital gain. The respondent determined that the proceeds of this sale were taxable as ordinary income. Petitioner…
2Cases cited13 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Helvering v. HorstSupreme Court of the United States · 1940
- Helvering v. GowranSupreme Court of the United States · 1937
- Eisner, Internal Revenue Collector v. MacOmberSupreme Court of the United States · 1919
- Koshland v. HelveringSupreme Court of the United States · 1936
8 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Picker v. United StatesUnited States Court of Claims · 1967
- Baan v. CommissionerUnited States Tax Court · 1965
- Baan v. CommissionerUnited States Tax Court · 1965
- Baan v. CommissionerUnited States Tax Court · 1965
- Harvey Picker and Jean Picker v. The United States. Harvey Picker and Evelyn Picker, as the Executors of the Estate of James Picker, and Evelyn Picker v. The United StatesUnited States Court of Claims · 1967
1 more not listed; retrieve them via the Exa API.