Case Name: Silver King Consolidated Mining Co. of Utah, Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1927-09-10
Citations: 8 B.T.A. 41
Docket Number: Docket No. 15153
Parties: Silver King Consolidated Mining Co. of Utah, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: Considered by Sterniiagen and Murdock.
Reporter: Reports of the United States Board of Tax Appeals
Volume: 8
Pages: 41–44

Head Matter:
Silver King Consolidated Mining Co. of Utah, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 15153.
Promulgated September 10, 1927.
Robert N. Miller, Esq., for the petitioner.
A. II. Murray, Esq., for the respondent.

Opinion:
OPINION.
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 may 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.