No. 584.–HIGH COURT OF JUSTICE (KING’S BENCH DIVISION).–

22ND FEBRUARY, 1926.

COURT OF APPEAL.–

1ST AND 2ND JULY, 1926.

Super-tax – Total income – Bonus declared by Limited Company out of undivided profits, satisfied by shares or cash at option of shareholder – Income Tax Act, 1918 (8 & 9 Geo. V, c. 40), Section 5.

  

  Under the authority of its Articles of Association as amended for the purpose, a Limited Company declared a bonus out of undivided profits, and offered, as capital, to its ordinary shareholders in satisfaction of the bonus certain new ordinary shares.

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