Silver King Consol. Mining Co. v. Commissioner

Board of Tax Appeals

Silver King Consol. Mining Co. v. Commissioner

8 B.T.A. 41, 1927 BTA LEXIS 2964

CourtUnited States Board of Tax Appeals

DecidedSeptember 10, 1927

DocketDocket No. 15153.

StatusPublished

This text of 8 B.T.A. 41 (Silver King Consol. Mining Co. v. Commissioner) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Silver King Consol. Mining Co. v. Commissioner, 8 B.T.A. 41, 1927 BTA LEXIS 2964 (bta 1927).

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Opinion

[43]*43OPINION.

Aeundell :

The question of law raised by the stipulation of the parties has already been decided by the Board in the Appeal of L. S. Ayers & Co., 1 B. T. A. 1135. This decision has been consistently upheld. We there held that the invested capital of a corporation [44]*44may not be reduced in determining the extent to which a dividend is paid from current earnings of a year by a so-called tentative tax. It follows that the tax liability herein should be computed without adjustment on account of a tentative tax. Based on the facts as stipulated the tax liability is determined to be $84,125.71. As there has heretofore been assessed $88,028.84 and a payment of $85,666.03 has been made, there is an overpayment in the amount of $1,540.32 and in addition an overassessment in the amount of $2,362.81.

Judgment will be entered for the fetitioner on the issues raised, after 15 days' notice, under Rule 50.

Considered by Sterniiagen and Murdock.

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[43]*43OPINION.

Aeundell :

The question of law raised by the stipulation of the parties has already been decided by the Board in the Appeal of L. S. Ayers & Co., 1 B. T. A. 1135. This decision has been consistently upheld. We there held that the invested capital of a corporation [44]*44may not be reduced in determining the extent to which a dividend is paid from current earnings of a year by a so-called tentative tax. It follows that the tax liability herein should be computed without adjustment on account of a tentative tax. Based on the facts as stipulated the tax liability is determined to be $84,125.71. As there has heretofore been assessed $88,028.84 and a payment of $85,666.03 has been made, there is an overpayment in the amount of $1,540.32 and in addition an overassessment in the amount of $2,362.81.

Judgment will be entered for the fetitioner on the issues raised, after 15 days' notice, under Rule 50.

Considered by Sterniiagen and Murdock.

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Bluebook (online)

8 B.T.A. 41, 1927 BTA LEXIS 2964, Counsel Stack Legal Research, https://law.counselstack.com/opinion/silver-king-consol-mining-co-v-commissioner-bta-1927.

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