Case Name: P. Hagerty Shoe Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1929-03-22
Citations: 15 B.T.A. 1034
Docket Number: Docket No. 16023
Parties: P. Hagerty Shoe Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Reporter: Reports of the United States Board of Tax Appeals
Volume: 15
Pages: 1034–1035

Head Matter:
P. Hagerty Shoe Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 16023.
Promulgated March 22, 1929.
James 0. Triff, Esq., for the petitioner.
T. M. Mather, Esq., for the respondent.

Opinion:
OPINION.
Lote:
We have heretofore held in L. S. Ayers & Co., 1 B. T. A. 1135, that the invested capital of a corporation may not be reduced in determining the extent to which dividends are paid from current earnings by a " tentative tax " theoretically set aside out of such earnings and prorated over the year.
Judgment will he entered u/nder Bule 50.