The Chicago & Alton Case; a Misunderstood Transaction
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In our eReader you can find the full English version of the book. Read The Chicago & Alton Case; a Misunderstood Transaction Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Chicago & Alton Case; a Misunderstood Transaction
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XII, p. 277. Washington, 1908.
19 THE CHICAGO AND ALTON CASE betterments which had previously been charged to income is unquestionable. The practice had not only the approval of expert accoimt- ants, but the sanction of the courts. In a pre- cisely similar case in England the High Court of Appeal said: "The circumstance that they had been pa3dng what ought to be charged to capital out of revenue does not prevent their right, or their duty to the persons who are looking for their payment out of ...revenue, to credit back to revenue those things which have been carried, for the time being, to capital accoimt."^ The new stockholders also had a legal right to transform the book surplus thus obtained into an actual cash surplus, by selling bonds to the necessary amount, and then to declare a cash dividend from the surplus so obtained.
W. W. Cook, the standard authority on cor- poration law, says: "When the company has used profits for im- provements, it may lawfully borrow an equiva- lent sum of money for the purpose of a dividend.
What to read after The Chicago & Alton Case; a Misunderstood Transaction?
You can find similar books in the "Read Also" column, or choose other free books by Kennan, George, 1845-1924 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
XII, p. 277. Washington, 1908.
19 THE CHICAGO AND ALTON CASE betterments which had previously been charged to income is unquestionable. The practice had not only the approval of expert accoimt- ants, but the sanction of the courts. In a pre- cisely similar case in England the High Court of Appeal said: "The circumstance that they had been pa3dng what ought to be charged to capital out of revenue does not prevent their right, or their duty to the persons who are looking for their payment out of ...revenue, to credit back to revenue those things which have been carried, for the time being, to capital accoimt."^ The new stockholders also had a legal right to transform the book surplus thus obtained into an actual cash surplus, by selling bonds to the necessary amount, and then to declare a cash dividend from the surplus so obtained.
W. W. Cook, the standard authority on cor- poration law, says: "When the company has used profits for im- provements, it may lawfully borrow an equiva- lent sum of money for the purpose of a dividend.
What to read after The Chicago & Alton Case; a Misunderstood Transaction?
You can find similar books in the "Read Also" column, or choose other free books by Kennan, George, 1845-1924 to read onlineMoreLess
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