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Helvering v. Canfield, 291 U.S. 163 (1934)
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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.
Helvering v. Canfield, 291 U.S. 163 (1934)
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Helvering v. Canfield No. 158 Argued December 13, 1933 Decided January 15, 1934 * 291 U.S. 163
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE SEVENTH CIRCUIT
Syllabus
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. 166.
62 F.2d 751 reversed.
65 F.2d 234 affirmed.
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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Chicago: U.S. Supreme Court, "Syllabus," Helvering v. Canfield, 291 U.S. 163 (1934) in 291 U.S. 163 291 U.S. 164. Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=WCHBUM2W86DZS9T.
MLA: U.S. Supreme Court. "Syllabus." Helvering v. Canfield, 291 U.S. 163 (1934), in 291 U.S. 163, page 291 U.S. 164. Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=WCHBUM2W86DZS9T.
Harvard: U.S. Supreme Court, 'Syllabus' in Helvering v. Canfield, 291 U.S. 163 (1934). cited in 1934, 291 U.S. 163, pp.291 U.S. 164. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=WCHBUM2W86DZS9T.
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