CHANROBLES VIRTUAL LAW LIBRARY
US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ | chanrobles.com™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : www.chanroblesbar.com DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for www.chanrobles.com


WILLCUTS V. MILTON DAIRY CO., 275 U. S. 215 (1927)

Subscribe to Cases that cite 275 U. S. 215 RSS feed for this section

U.S. Supreme Court

Willcuts v. Milton Dairy Co., 275 U.S. 215 (1927)

Willcuts v. Milton Dairy Company

No. 156

Argued October 6, 7, 1927

Decided November 21, 1927

275 U.S. 215

Syllabus

Under Revenue Act, 1918, Title III, providing that the "excess profits" credit of a domestic corporation should "consist of a specific exemption of $3,000 plus an amount equal to 8 percentum of the invested capital for the taxable year," (§ 312) and defining "invested capital," with certain exceptions, as the actual cash and cash value of other property bona fide paid in for stock or shares at the time of such payment, and "(3) [p]aid-in or earned surplus and undivided profits, not including surplus and undivided profits earned during the year." Held, that the term "undivided profits" is employed in its ordinary meaning of an excess in the aggregate value of the assets of a corporation over the sum of its liabilities, including capital stock, so that profits earned by a corporation which were insufficient to offset an impairment of its paid-in capital were not "undivided profits" to be included as "invested capital" in computing the excess profits credits allowed by the Act. P. 275 U. S. 218.

8 F.2d 178 affirmed.

15 F.2d 814 reversed. chanroblesvirtualawlibrary

Page 275 U. S. 216

Certiorari, 273 U.S. 687, to a judgment of the circuit court of appeals which reversed a judgment of the district court in favor of the Collector in a suit brought by the dairy company to recover excess profits taxes.





Back
ChanRobles™ LawTube

google search for chanrobles.com Search for www.chanrobles.com


Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



www.chanrobles.us




QUICK SEARCH

cralaw

Browse By ->> Volume


cralaw

Browse By ->> Year


cralaw

  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library | chanrobles.com™
 
RED