Wilcox v. Commissioner
United States Board of Tax Appeals
1 and 2. Where a corporation without any plan or purpose to liquidate its business reduces the par value of its capital stock and makes a cash distribution of such reduction to the stockholders, and the earnings and profits accumulated since February 28, 1913, are sufficient for such distribution, held, that the distribution is a dividend taxable to the stockholders at the ordinary dividend rate and not a liquidating dividend. 3. Income of an estate in process of…
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1 and 2. Where a corporation without any plan or purpose to liquidate its business reduces the par value of its capital stock and makes a cash distribution of such reduction to the stockholders, and the earnings and profits accumulated since February 28, 1913, are sufficient for such distribution, held, that the distribution is a dividend taxable to the stockholders at the ordinary dividend rate and not a liquidating dividend. 3. Income of an estate in process of administration for 1934 which in that year was distributed to the petitioners as residuary trustees under the testator's will,…
1Opinion of the Court
*937OPINION. — The question for our determination under this issue is whether the distribution which Inter-Island made to its stockholders, as described above, was a taxable dividend within the meaning of section 115 of the Revenue Act of 1934. This section of the statute reads in material part as follows:
SEC. 115. DISTRIBUTIONS BT CORPORATIONS.(a) Definition op Dividends. — -The term “dividend” when used in this title (except in section 203 (a) (4) and section 207 (e) (1), relating to insurance companies) means any distribution made by a corporation to its shareholders, whether in money or in…
2Cases cited11 opinions
- Helvering v. ButterworthSupreme Court of the United States · 1933
- Lafayette Trust Co. v. . BeggsNew York Court of Appeals · 1915
- McGuire v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1936
- Randolph v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1935
- Brown v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1935
6 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Dunlop v. CommissionerCourt of Appeals for the Eighth Circuit · 1948
- Wilcox v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1943
- Stern v. HarrisonDistrict Court, N.D. Illinois · 1944
- Courtenay v. CommissionerUnited States Tax Court · 1943
- Erickson v. CommissionerUnited States Tax Court · 1943
8 more not listed; retrieve them via the Exa API.