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

ChanRobles™ Virtual Law Library™ |™   
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 : 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


Subscribe to Cases that cite 296 U. S. 200 RSS feed for this section

U.S. Supreme Court

General Utilities & Operating Co. v. Helvering, 296 U.S. 200 (1935)

General Utilities & Operating Co. v. Helvering

No. 41

Argued November 15, 1935

Decided December 9, 1935

296 U.S. 200


1. When a corporation, owning shares in another company which have increased in value since it bought them, declares a dividend payable in such shares out of the surplus arising from such increase, and pays it accordingly by distributing such shares in specie among its stockholders, no taxable gain results to the corporation. This is not a sale to stockholders, nor a use of assets to discharge indebtedness. Pp. 296 U. S. 202, 296 U. S. 206.

2. In reviewing a decision of the Board of Tax Appeals, the Circuit Court of Appeals may not sustain an assessment over the Board's decision upon a ground which was not presented to the Board nor in the petition for review; the taxpayer is entitled to know with fair certainty the basis of the claim against him. P. 296 U. S. 206.

3. The Circuit Court of Appeals committed error in this case not only in deciding a question not properly raised, but also in making an inference of fact in conflict with the stipulation of the parties chanroblesvirtualawlibrary

Page 296 U. S. 201

and the findings of the Board of Tax Appeals and without support in the record. P. 296 U. S. 206.

4. Upon reversal of judgment of the Circuit Court of Appeals overruling a decision of the Board of Tax Appeals, the cause will not be remanded to the Board for further findings if it be apparent that nothing could properly be found to sustain the Commissioner's contention. P. 296 U. S. 207.

74 F.2d 972 reversed.

Certiorari, 295 U.S. 730, to review a judgment which reversed a decision of the Board of Tax Appeals overruling an income tax assessment.

ChanRobles™ LawTube

google search for Search for

Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



Browse By ->> Volume


Browse By ->> Year


  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library |™