Gulf Oil Corp. v. Lewellyn, 248 U.S. 71 (1918)

Gulf Oil Corporation v. Lewellyn

No. 310

Argued November 4, 1918
Decided December 9, 1918
248 U.S. 71

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE THIRD CIRCUIT

Syllabus

Dividends of earnings by subsidiaries to a company holding all their stock and controlling them in conducting a single enterprise, the result of the transfer being merely that the main company became the holder of debt in the business, previously due from one subsidiary to another, held not taxable as income under the Income Tax Act of October 3, 1913, where the earnings were accumulated before the taxing year and had practically become capital. Southern Pacific Co. v. Lowe, 247 U.S. 330.

245 F. 1 reversed.

The case is stated in the opinion.