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CRANE-JOHNSON CO. v. HELVERING

No. 8.

311 U.S. 54 (1940)

CRANE-JOHNSON COMPANY v. HELVERING, COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided November 12, 1940.

Attorney(s) appearing for the Case

Mr. John E. Hughes for petitioner.

MR. Richard H. Demuth, with whom Solicitor General Biddle, Assistant Attorney General Clark, and Mr. Sewall Key and Miss Helen R. Carloss were on the brief, for respondent.

By leave of Court, Mr. Thomas H. Remington filed a brief on behalf of Bastian Brothers Company, as amicus curiae, in support of petitioner.

MR. JUSTICE BLACK delivered the opinion of the Court.

Because of a previously existing deficit, petitioner corporation was prohibited by state law1 from distributing as dividends its profits earned in 1936. Notwithstanding this state prohibition, the Commissioner held respondent liable under the 1936 Revenue Act2 for surtax on undistributed profits. The Board of Tax Appeals sustained

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