(Download) "Mcguire v. Commissioner of Internal Revenue" by Seventh Circuit Circuit Court of Appeals " eBook PDF Kindle ePub Free
eBook details
- Title: Mcguire v. Commissioner of Internal Revenue
- Author : Seventh Circuit Circuit Court of Appeals
- Release Date : January 04, 1936
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 62 KB
Description
The Commissioner of Internal Revenue has found that Charles A. McGuire, the petitioner herein, owes a tax deficiency for the year 1930 of $51,428.31; the Board of Tax Appeals has affirmed; and the taxpayer appeals. The assessment was made under authority of section 115 (g) of the Revenue Act of 1928 (45 Stat. 822, 26 U.S.C.A. § 115 (g) and note), which reads as follows: "(g) Redemption of stock. If a corporation cancels or redeems its stock (whether or not such stock was issued as a stock dividend) at such time and in such manner as to make the distribution and cancellation or redemption in whole or in part essentially equivalent to the distribution of a taxable dividend, the amount so distributed in redemption or cancellation of the stock, to the extent that it represents a distribution of earnings or profits accumulated after February 28, 1913, shall be treated as a taxable dividend. In the case of the cancellation or redemption of stock not issued as a stock dividend this subsection shall apply only if the cancellation or redemption is made after January 1, 1926."