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


CRANE-JOHNSON CO. V. HELVERING, 311 U. S. 54 (1940)

Subscribe to Cases that cite 311 U. S. 54 RSS feed for this section

U.S. Supreme Court

Crane-Johnson Co. v. Helvering, 311 U.S. 54 (1940)

Crane-Johnson Company v. Helvering

No. 8

Argued October 23, 1940

Decided November 12, 1940

311 U.S. 54

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE EIGHTH CIRCUIT

Syllabus

Decided on the authority of Helvering v. Northwest Steel Rolling Mills, ante p. 311 U. S. 46.

105 F.2d 740 affirmed.

Certiorari, 309 U.S. 692, to review the affirmance of a decision of the Board of Tax Appeals, 38 B.T.A. 1355, which sustained the Commissioner's determination of a tax deficiency.

MR. JUSTICE BLACK delivered the opinion of the Court.

Because of a previously existing deficit, petitioner corporation was prohibited by state law [Footnote 1] from distributing as dividends its profits earned in 1936. Notwithstanding this state prohibition, the Commissioner held respondent liable under the 1936 Revenue Act [Footnote 2] for surtax on undistributed profits. The Board of Tax Appeals sustained chanroblesvirtualawlibrary

Page 311 U. S. 55

the Commissioner, [Footnote 3] and the Circuit Court of Appeals affirmed. [Footnote 4] On a similar state of facts, the Court of Appeals for the Ninth Circuit held undistributed profits exempt from surtax. [Footnote 5] We granted certiorari in both cases to resolve this conflict. [Footnote 6] The legal questions here presented are in all respects the same as those presented in Helvering v. Northwest Steel Rolling Mills, ante, p. 311 U. S. 46, and, on the authority of that case, the decision below is

Affirmed.

[Footnote 1]

"The directors of corporations must not make dividends except from the surplus profits arising from the business thereof. . . ." N.D.Comp.Laws (Supp. 1925) section 4543.

[Footnote 2]

49 Stat. 1648, 1655.

[Footnote 3]

38 B.T.A. 1355.

[Footnote 4]

105 F.2d 740.

[Footnote 5]

Northwest Steel Rolling Mills v. Commissioner, 110 F.2d 286.

[Footnote 6]

309 U.S. 692; 311 U.S. 629.





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