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FOSTER V. UNITED STATES, 303 U. S. 118 (1938)

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U.S. Supreme Court

Foster v. United States, 303 U.S. 118 (1938)

Foster v. United States

No. 189

Argued January 10, 11, 1938

Decided January 31, 1938

303 U.S. 118


1. For the purpose of the federal income tax, earnings accumulated by a corporation prior to March 1, 1913, are deemed capital. P. 303 U. S. 121.

2. Amounts distributed by a corporation in partial liquidation, i.e., in cancellation or redemption of part of its stock, are, under subsection (c) of § 115 of the Revenue Act of 1928, chargeable to capital, which, for this purpose, includes March 1, 1913, surplus, and are not to be considered a distribution of earnings or profits within the meaning of subsection (b) for the purpose of determining the taxability of subsequent distributions. Pp. 303 U. S. 121-122.

84 Ct.Cls.193, 17 F.Supp. 191, affirmed.

Certiorari, 302 U.S. 667, to review a judgment against the petitioners in a suit to recover an alleged overpayment of income taxes. In the trial court, upon the death of the original plaintiff, petitioners, her executors, were substituted as parties plaintiff.

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