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Home / Opinions / Courts / 8th U.S. Circuit Court of Appeals / Corporate: Corporate Income Tax – Refund Action – Redemptive Dividend

Corporate: Corporate Income Tax – Refund Action – Redemptive Dividend

Where a corporation sued for refunds of corporate income tax to recover the value of deductions for cash distribution redemptive dividends, the district court erred in granting summary judgment to the corporation because the deduction is barred by Section 162(k)(1), which disallows amounts paid to repurchase stock. Judgment is reversed and remanded. General Mills, Inc. & Subsidiaries ...

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