Pacific Flush--Tank Co. v. Commissioner
United States Board of Tax Appeals
DIVIDENDS PAID CREDIT. - Petitioner, on the accrual basis, issued its notes in December 1937, for salary bonuses and on account of such accrued expense was allowed a deduction from gross income for 1937. In 1938 such notes were paid in full. Held, that petitioner is entitled to a dividends paid credit under section 27(a)(4), Revenue Act of 1938, for the amount used to pay off such notes.
1Opinion of the Court
PACIFIC FLUSH-TANK COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Pacific Flush--Tank Co. v. Commissioner
Docket No. 103787.
United States Board of Tax Appeals
45 B.T.A. 869; 1941 BTA LEXIS 1056;
December 3, 1941, Promulgated
DIVIDENDS PAID CREDIT. - Petitioner, on the accrual basis, issued its notes in December 1937, for salary bonuses and on account of such accrued expense was allowed a deduction from gross income for 1937. In 1938 such notes were paid in full. Held, that petitioner is entitled to a dividends paid credit under section 27(a)(4), Revenue Act of 1938, for the…
2Cases cited2 opinions
- Spokane Dry Goods Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Pacific Flush--Tank Co. v. CommissionerUnited States Board of Tax Appeals · 1941