Legal Opinion
Helvering v. Northwest Steel Rolling Mills, Inc.
Supreme Court of the United States
Decided November 12, 1940No. 121PublishedCited by 334 opinions
1Opinion of the CourtJustice Brack
Respondent corporation, because of a previously existing deficit, was prohibited by state law 1 from distributing as dividends its profits earned in 1936. Notwithstanding" this state prohibition, the Commissioner held respondent liable under the 1936 Revenue Act 2 for surtax on undistributed profits. The Board of Tax Appeals sustained the Commissioner; 3 the Circuit Court of Appeals reversed. 4 On a similar state of facts the Court of Appeals for the Eighth Circuit held undistributed profits taxable. 5 We granted certiorari in both cases to resolve this conflict. 6
Section 14 of the 1936 Act…
2Cases cited13 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Home Building & Loan Assn. v. BlaisdellSupreme Court of the United States · 1934
- Boyd's Lessee v. GravesSupreme Court of the United States · 1819
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
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3Cited by334 opinions
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Glenn Weible and Patricia Weible v. United StatesCourt of Appeals for the Ninth Circuit · 1957
- A. M. Pearson v. Denny DennisonCourt of Appeals for the Ninth Circuit · 1965
- Commissioner of Internal Revenue v. HopkinsonCourt of Appeals for the Second Circuit · 1942
- Commissioner of Int. Rev. v. Meridian & Thirteenth R. Co.Court of Appeals for the Seventh Circuit · 1942
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