Earned Surplus

46 Florida cases classified under this topic · sorted by citation count · browse and sort

• Democratic Cent. Comm. OF the Dist. OF Columbia v. Wash. Metro. Area Transit Comm'n
  485 F.2d 786· D.C. Cir.· 1973-06-28 ·cited 50×
  The Commission erred in refusing to treat the excess of market value over book value of properties transferred from operating to nonoperating status as an offset to higher fares.
• Kalman Greenhill v. United States
  298 F.2d 405· 5th Cir.· 1962-01-25 ·cited 44×
  The court held that the evidence was sufficient to support the jury's verdict of guilty for mail fraud and securities fraud, and that the appellants received a fair trial.
• Gen. Bancshares Corp. v. Commissioner OF Internal Revenue
  326 F.2d 712· 8th Cir.· 1964-01-28 ·cited 38×
  Costs incurred by a corporation in issuing non-taxable stock dividends are not deductible as ordinary and necessary business expenses under § 162(a) of the Internal Revenue Code, as they are capital expenditures.
• Annabelle Candy Co. v. Commissioner OF Internal Revenue
  314 F.2d 1· 9th Cir.· 1962-08-22 ·cited 30×
  The court held that the Tax Court erred by overemphasizing the 'severability' of a covenant not to compete and that the case should be remanded to determine the parties' intent regarding allocation of the purchase price to the covenant.
• McCONNELL v. Est. of W. H. Butler
  402 F.2d 362· 9th Cir.· 1968-10-21 ·cited 24×
  The court held that the referee's findings regarding attorney fees were not clearly erroneous and that the debenture holders' claims should be subordinated to general creditors because the corporation lacked sufficient surplus to make the stock-for-debenture exchange at the time
• Berliner v. Dist. OF Columbia
  258 F.2d 651· D.C. Cir.· 1958-05-01 ·cited 24×
  The court held that the District of Columbia income tax law limits taxation upon corporate liquidation to the distribution of 'earned surplus,' not all forms of surplus.
• Verkouteren v. Dist. OF Columbia
  346 F.2d 842· D.C. Cir.· 1965-05-11 ·cited 20×
  The Tax Court erred by deciding the case on an issue not presented by the parties and not supported by the stipulated facts.
• United States v. Collins
  300 F.2d 821· 1st Cir.· 1962-04-02 ·cited 20×
  The court held that a cash distribution received by taxpayers from a controlled corporation in exchange for stock of another controlled corporation is taxable as ordinary income as a distribution essentially equivalent to a dividend, regardless of whether the stock was sold at fa
• William F. and Gwendolyn Wright v. United States
  482 F.2d 600· 8th Cir.· 1973-07-26 ·cited 18×
  A promissory note received as 'boot' in a corporate reorganization is taxable as capital gain, not an ordinary dividend, if the distribution does not have the effect of a dividend, meaning a meaningful reduction in the shareholder's proportionate interest in the corporation.
• Jaeger Motor CAR Co. v. Commissioner OF Internal Revenue
  284 F.2d 127· 7th Cir.· 1960-11-16 ·cited 14×
  The court held that the Tax Court's findings of fraud were supported by substantial evidence, thus the statute of limitations did not bar assessment of deficiencies, and that certain corporate expenditures constituted dividend income to the principal shareholder.
• Van Norman Co. v. Welch
  141 F.2d 99· 1st Cir.· 1944-03-08 ·cited 14×
  The court held that the redemption of preferred stock issued in exchange for waived dividends in 1934 should receive a dividends paid credit, but the redemption of stock issued in 1927 should not. It also held that certain Massachusetts taxes, enacted retroactively in 1936, were
• Reed Drug Co. v. Commissioner of Internal Revenue
  130 F.2d 288· 6th Cir.· 1942-08-28 ·cited 14×
  A corporation that transfers assets in a non-taxable reorganization and distributes the stock received to its shareholders cannot claim a dividends paid credit for the earned surplus transferred.
• Lenkin v. Dist. OF Columbia
  461 F.2d 1215· D.C. Cir.· 1972-02-17 ·cited 12×
  The court held that stockholders receiving assets in a corporate liquidation are entitled to a depreciation deduction, and the basis for this deduction should be the stockholder's investment in the asset, not its market value or the corporation's book value.
• Est. of Migiel John Uline v. Dist. OF Columbia
  360 F.2d 820· D.C. Cir.· 1966-03-03 ·cited 12×
  Distributions of a corporation's earned surplus upon liquidation constitute taxable dividends, even if the estate's basis in the stock exceeds the capital contributed.
• In re the Trimble Co.
  339 F.2d 838· 3d Cir.· 1964-12-29 ·cited 12×
  The court held that while the notes were validly issued, their enforceability against bona fide creditors was conditional on the corporation's financial condition under Pennsylvania law, and that the issue of whether a preferential transfer occurred required further factual deter
• Putnam v. United States
  149 F.2d 721· 1st Cir.· 1945-05-25 ·cited 12×
  Dividends paid from a predecessor corporation's accumulated earnings, acquired through a tax-free reorganization, are taxable to the successor corporation's shareholders.
• Inland Dev. Co. v. Commissioner of Internal Revenue
  120 F.2d 986· 10th Cir.· 1941-06-09 ·cited 10×
  The court held that the taxpayer and its subsidiaries should be treated as a single entity for tax purposes, and the funds transferred from a subsidiary were not a dividend but income from oil sales.
• Appalachian Power Co. v. Fed. Power Comm'n
  328 F.2d 237· 4th Cir.· 1964-02-18 ·cited 8×
  The court held that the Federal Power Commission has the authority to require utilities to use specific accounting methods for financial reporting, including reporting to stockholders, and that Order 204 mandates the use of its deferred tax accounts for companies that already use
• Monroe Zipp and Helen Zipp v. Commissioner OF Internal Revenue
  259 F.2d 119· 6th Cir.· 1958-05-21 ·cited 8×
  The court held that the payment by the company to the father for his stock constituted constructive dividends to the sons, who were deemed the beneficial owners of the stock.
• C. F. Williams and Jeanne v. Williams
  627 F.2d 1032· 10th Cir.· 1980-07-11 ·cited 6×
  Cash withdrawals from closely held corporations are taxable dividends, not bona fide loans, when objective factors indicate no expectation of repayment, despite subjective intent to repay.
• Home Mut. Ins. Co. v. Commissioner OF Internal Revenue
  639 F.2d 333· 7th Cir.· 1980-04-29 ·cited 6×
• Oppenheimer v. Dist. OF Columbia
  363 F.2d 708· D.C. Cir.· 1966-06-17 ·cited 6×
  The court held that a corporate liquidation distribution of assets, including unrealized appreciation, does not constitute an 'exchange' for purposes of establishing a stepped-up depreciation basis under District of Columbia tax law.
• Guanacevi Mining Co. v. Commissioner of Internal Revenue
  127 F.2d 49· 9th Cir.· 1942-04-06 ·cited 6×
  Expenditures for tunnels to access previously inaccessible low-grade ore are capital development costs recoverable through depletion, not deductible operating expenses. Interest paid on borrowed capital for construction is properly considered in computing allowable depletion dedu
• Commissioner of Internal Revenue v. Kay MFG. Corp.
  122 F.2d 443· 2d Cir.· 1941-08-05 ·cited 6×
  A distribution of earned surplus in liquidation is treated as a taxable dividend paid for purposes of computing a dividends paid credit, even if not taxable to the shareholder.
• Long v. Commissioner of Internal Revenue
  155 F.2d 847· 6th Cir.· 1946-05-20 ·cited 5×
  A distribution of capitalized earnings, even if previously a non-taxable stock dividend, is taxable as a dividend to the recipient shareholder, regardless of whether they purchased the stock from an original recipient.
• The Ogden Co. v. Commissioner OF Internal Revenue
  412 F.2d 223· 1st Cir.· 1969-06-20 ·cited 4×
  The court held that the taxpayer failed to carry its burden of proof to demonstrate that a 1962 distribution was not made from earnings and profits, thus affirming the tax court's decision.
• Verkouteren v. Dist. OF Columbia
  433 F.2d 461· D.C. Cir.· 1969-02-06 ·cited 4×
  The court held that the Chastleton stock, held by petitioners for only three days after distribution, was not a capital asset in their hands, and their cost basis was the amount taxed as a dividend upon distribution.
• Pub. Utils. Comm'n of Dist. of Columbia v. Cap. Transit Co.
  214 F.2d 242· D.C. Cir.· 1954-05-07 ·cited 4×
  The court granted an injunction pending appeal, enjoining the company from paying a dividend and redeeming bonds, pending further investigation and report.
• Chapman Price Steel Co. v. Commissioner of Internal Revenue
  146 F.2d 189· 7th Cir.· 1944-12-15 ·cited 4×
  A stock dividend, not recognized as income to the recipient under Eisner v. Macomber, does not reduce corporate earnings and profits and therefore does not entitle the corporation to a dividends paid credit.
• Am. Power & Light Co. v. Sec. & Exch. Comm'n
  143 F.2d 250· 1st Cir.· 1944-06-19 ·cited 4×
  A stockholder does not have independent standing to seek review of an administrative order directed solely at the corporation, even if the order may indirectly affect the stockholder's financial interests.
• Cabin Creek Consol. Coal Co. v. United States
  137 F.2d 948· 4th Cir.· 1943-09-06 ·cited 4×
  The court held that a taxpayer's fraudulent concealment of information, which misled the Commissioner of Internal Revenue and prejudiced the government, precludes recovery of taxes, even if an overpayment occurred.
• Vanguard Recording Soc'y v. Commissioner OF Internal Revenue
  418 F.2d 829· 2d Cir.· 1969-11-26 ·cited 2×
  The court held that the Commissioner's determination of a deficiency was arbitrary and unsupported by evidence, reversing the Tax Court's decision.
• Santarelli v. Katz
  270 F.2d 762· 7th Cir.· 1959-07-02 ·cited 2×
• United States v. Archer-Daniels-Midland Co.
  243 F.2d 130· 8th Cir.· 1957-04-11 ·cited 2×
  The court held that a mere transfer of funds from a corporation's surplus accounts to its capital stock account, without issuing new shares or altering existing ones, does not constitute an 'original issue' of stock subject to documentary stamp tax.
• Hamilton MFG. Co. v. United States
  214 F.2d 644· 7th Cir.· 1954-07-16 ·cited 2×
  The court held that under Wisconsin law, a corporation with a deficit in accumulated earnings and profits cannot pay dividends from current earnings, even if it has a capital surplus, as this would impair capital and violate the statute's requirement for dividends to be paid only
• Kelley v. Am. Sugar Ref. Co.
  139 F.2d 76· 1st Cir.· 1943-11-29 ·cited 2×
  The court held that the district court properly declined to exercise jurisdiction under the doctrine of forum non conveniens because the case involved complex issues of New Jersey corporate law and the internal affairs of a foreign corporation.
• Commissioner of Internal Revenue v. Winchester Repeating Arms Co.
  134 F.2d 6· 7th Cir.· 1943-03-08 ·cited 2×
  A taxpayer is entitled to a dividends paid credit for earned surplus distributed in complete liquidation, as the relevant statute treats such distributions as taxable dividends for credit purposes.
• In re Hamman-McFARLAND Lumber Co. v. Larry Hamman et ux.
  629 F.2d 569· 9th Cir.· 1980-04-11
  The court held that under applicable Arizona law, the validity of a stock redemption agreement secured by a recorded mortgage is determined by the corporation's solvency at the time of the transaction, not by later insolvency or the availability of earned surplus.
• Stanton v. United States
  512 F.2d 13· 3d Cir.· 1975-03-03
  The court held that the transaction constituted a reorganization under I.R.C. § 368(a)(1)(D) because the taxpayer retained the right to designate who would receive all the stock immediately after the transfer, despite gifting a portion.
• Stratton Grain Co. v. Reisimer
  272 F.2d 864· 7th Cir.· 1959-12-17
  The court held that predecessor corporations' undistributed earnings and profits, transferred in a tax-free reorganization, do not automatically become the surviving corporation's accumulated earnings and profits for excess profits tax purposes if the surviving corporation never
• Kelso v. Emerson R. Kelso
  246 F.2d 421· 10th Cir.· 1957-06-28
  Dividends declared from earned surplus at the time of divorce are considered assets to be divided, not future earnings subject to recoupment by one party to satisfy personal obligations.
• Wentworth v. Commissioner OF Internal Revenue
  244 F.2d 874· 9th Cir.· 1957-05-22
  The Tax Court was justified in concluding that a corporate credit to a shareholder's account was a dividend distribution, not a payment on notes, and thus taxable.
• Pa. Water & Power Co. v. Fed. Power Comm'n
  203 F.2d 219· D.C. Cir.· 1953-03-06
  The court held that it lacked jurisdiction to impose conditions on the distribution of impounded funds to local distributing companies engaged in intrastate business.
• Meyer v. Commissioner of Internal Revenue
  154 F.2d 55· 3d Cir.· 1946-02-27
  The court held that the Tax Court's finding that stock redemptions were essentially equivalent to taxable dividends was not supported by necessary findings of fact.