United States v. Southwestern Portland Cement Co.

I dissent. I agree with the majority’s statement of the general rule that “a declaration of dividend which does not create a definite, final, irrevocable and enforceable debt against the corporation in favor of the stockholders is not a fully declared dividend.” But I think that in the present case the dividends upon which tax is claimed were absolutely and unqualifiedly declared prior to the date of the enactment of the statute, and that consequently their receipt was not subject to the tax.

The resolution of March 10, 1932 was clumsily phrased, but its intent is not different than if it had…