United States Supreme Court Cases & Opinions

U.S. Supreme Court

Helvering v. Griffiths, 318 U.S. 371 (1943)

Helvering v. Griffiths

No. 467

Argued December 7, 1942

Decided March 1, 1943

318 U.S. 371

Syllabus

A holder of common stock in a corporation which had but the one class of stock outstanding received, in 1939, stock dividends (based on earnings and profits subsequent to February 28, 1913) in common stock identical with the stock on which they were declared. The divided stock was in no way realized upon in 1939.

Held, upon consideration of the legislative history and administrative construction, that Congress, by §§ 22(a) and 115(f)(1) of the Internal Revenue Code, did not intend to tax such stock dividends, and that there is no occasion to reconsider Eisner v. Macomber, 252 U. S. 189. Pp. 318 U. S. 372, 318 U. S. 404.

129 F.2d 321, affirmed.

Certiorari, 317 U. S. 19, to review the affirmance of a decision of the Board of Tax Appeals which reversed the Commissioner's determination of a deficiency in respondent's income tax.