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Atlantic City Electric Co. v. Commissioner, 288 U.S. 152 (1933)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Atlantic City Electric Co. v. Commissioner, 288 U.S. 152 (1933)
Atlantic City Electric Co. v. Commissioner of Internal Revenue No. 163 Argued December 13, 1932 Decided February 6, 1933 288 U.S. 152
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. Where one corporation has legally enforceable control of substantially all of the stock of another, the two are "affiliated," and must make a consolidated return under § 1331, Revenue Act of 1921, and § 24D, Revenue Act of 1918. P. 153.
2. In determining whether the control is of substantially all of the stock, there is no ground for excluding preferred stock outstanding with voting rights, even though it be redeemable at any time and have a limited interest in dividends. P. 154.
3. Ownership by the one corporation of all the common stock and none of the preferred stock of the other, giving control of only 77% of all stock outstanding, held insufficient for affiliation. P. 156.
57 F.2d 186 affirmed.
Certiorari, 287 U.S. 582, to review a judgment reversing the Board of Tax Appeals, 15 B.T.A. 1084, and sustaining a ruling of the Commissioner of Internal Revenue.
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Chicago: U.S. Supreme Court, "Syllabus," Atlantic City Electric Co. v. Commissioner, 288 U.S. 152 (1933) in 288 U.S. 152 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=VU465Q1NABPV73L.
MLA: U.S. Supreme Court. "Syllabus." Atlantic City Electric Co. v. Commissioner, 288 U.S. 152 (1933), in 288 U.S. 152, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=VU465Q1NABPV73L.
Harvard: U.S. Supreme Court, 'Syllabus' in Atlantic City Electric Co. v. Commissioner, 288 U.S. 152 (1933). cited in 1933, 288 U.S. 152. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=VU465Q1NABPV73L.
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