Owen J. Roberts

“ The directors voted a distribution to stockholders of $5,000 par of the preferred stock and the petitioner, as sole stockholder, received fifty shares as a stock dividend. The earnings available for dividends were in excess of the value of this stock. Petitioner still holds the preferred stock and no dividends have been paid upon it. The petitioner failed to return the stock dividend as income, the respondent determined a deficiency, and the Board of Tax Appeals affirmed his action. The Circuit Court of Appeals affirmed the Board's decision. [4]
We think the judgment in No. ”

“ Justice RUTLEDGE took no part in the consideration or decision of these cases.
Mr. Justice REED, Mr. Justice FRANKFURTER, and Mr. Justice JACKSON dissent from each judgment. They are of opinion that Koshland v. ”