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KNAPP MONARCH CO. v. COMMISSIONER

Docket Nos. 106797, 107239.

1 T.C. 59 (1942)

KNAPP MONARCH COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated November 18, 1942.

Attorney(s) appearing for the Case

J. Spencer Wolling, Esq., for the petitioner.

Carroll Walker, Esq., for the respondent.

The Commissioner determined deficiencies in income tax against the petitioner for the years 1936 and 1937 in the amounts of $15,920.42 and $309.51, respectively. The issues are (1) whether certain shares of common stock or, at the option of the stockholders, $6 in cash distributed by the petitioner to its preferred stockholders constituted a taxable dividend and is allowable as a dividends paid credit, (2) whether the respondent, after...

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