Crane Johnson Co. v. Commissioner
United States Board of Tax Appeals
1. A corporation prohibited by state law from declaring dividends because of an existing deficit held not entitled to deduction in computation of the undistributed profits surtax under the Revenue Act of 1936. 2. Undistributed profits surtax held constitutional.
1Opinion of the Court
OPINION.
Opper:
This proceeding involves a deficiency in income tax of $1,707.36 for the year 1936. Petitioner is a corporation incorporated in 1903 under the laws of the State of North Dakota. Among other facts, all of which are found, it is stipulated that “as of January 1, 1936 the petitioner had a deficit of at least $21,251.40” and that “the records prior to January 1, 1929 are not susceptible to analysis to *1356definitely show whether this deficit occurred from operating losses or capital distributions in excess of earnings or was affected by other adjustments.” Its “net income for income tax…
2Cases cited9 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Massachusetts v. MellonSupreme Court of the United States · 1923
- Boyd's Lessee v. GravesSupreme Court of the United States · 1819
- Brushaber v. Union Pacific RailroadSupreme Court of the United States · 1916
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
4 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Adams v. CommissionerUnited States Tax Court · 1985
- Boyd v. Comm'rUnited States Tax Court · 2001
- Wilson v. CommissionerUnited States Tax Court · 1976
- Adams v. CommissionerUnited States Tax Court · 1985
- Boyd v. Comm'rUnited States Tax Court · 2001
4 more not listed; retrieve them via the Exa API.