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FOSTER v. UNITED STATES

No. 189.

303 U.S. 118 (1938)

FOSTER ET AL., EXECUTORS, v. UNITED STATES.

Supreme Court of United States.

Decided January 31, 1938.

Attorney(s) appearing for the Case

Mr. William P. McCool argued the cause, and Messrs. R. Kemp Slaughter, Hugh C. Bickford, and C. Clifton Owens were on the brief, for petitioners.

Mr. Arnold Raum, with whom Solicitor General Reed, Assistant Attorney General Morris, and Messrs. Sewall Key and George H. Foster were on the brief, for the United States.

MR. JUSTICE BLACK delivered the opinion of the Court.

Petitioners' right (as executors) to an income tax refund depends upon whether a dividend paid by the Foster Lumber Company in 1930 is tax exempt as representing corporate earnings accumulated before March 1, 1913. This dividend is taxable under the Revenue Act of 19281 if paid from earnings accumulated after 1913. The Court of Claims found...

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