United States Tax Court September 28, 1943, Docket No. 104634 (Shield Co. v. Commissioner)

lead-opinion

OPINION.

Hnx. Jvdge:

1. On July 1 of each of the years 1936 and 193V the directors of United Appliance Corporation declared a $50,000 so-called dividend payable on the following August 31. When such dividends were declared and paid, United’s earnings were less than the distributions authorized and made.