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HELVERING V. CANFIELD, 291 U. S. 163 (1934)

U.S. Supreme Court

Helvering v. Canfield, 291 U.S. 163 (1934)

Helvering v. Canfield

No. 158

Argued December 13, 1933

Decided January 15, 1934*

291 U.S. 163


The Revenue Act of 1921, § 201(a)(b), provides that any distribution made by a corporation to its shareholders out of profits accumulated since February 28, 1913, is taxable, and, for the purposes of the Act, every distribution is regarded as made from the most recently accumulated profits to the extent that they have accumulated since that date; but profits accumulated prior to March 1, 1913 may be distributed exempt from tax after profits accumulated since February 28, 1913, have been distributed. A corporation with a surplus on March 1, 1913, made a distribution after ensuing years in the earlier of which it suffered losses and in the later of which it made profits. Held that, to determine the amount exempt under the statute, the losses should be deducted from the surplus of March 1, 1913, not be charged against the subsequent profits. P. 291 U. S. 166.

62 F.2d 751 reversed.

65 F.2d 234 affirmed.

Page 291 U. S. 164

Certiorari, 290 U.S. 611, to review two judgments rendered upon appeals taken by two stockholders of the same corporation, in different circuits, from a decision of the Board of Tax Appeals, 24 B.T.A, 480.

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