Case Name: Edward Malley Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1927-03-10
Citations: 6 B.T.A. 462
Docket Number: Docket No. 9677
Parties: Edward Malley Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Reporter: Reports of the United States Board of Tax Appeals
Volume: 6
Pages: 462–463

Head Matter:
Edward Malley Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 9677.
Promulgated March 10, 1927.
W. E. Malley for the petitioner.
A. H. Murray, Esq., for the respondent.

Opinion:
OPINION.
Littleton:
The Commissioner erred in reducing invested capital on account of a tentative'tax upon current earnings available for the payment of the two dividends of $45,000 on April 9, 1919, and April 21, 1920. See Appeal of L. S. Ayers & Co., 1 B. T. A. 1135.
The Commissioner correctly reduced earned surplus in each of the years by the prorated amount of-the preceding year's income and profits tax. Appeal of Russel Wheel & Foundry Co., 3 B. T. A. 1168.
Judgment will Toe entered on 15 days' notice, under Rule 50.