https://www.taxtmi.com/caselaws?id=19555 For surtax capital computation, a reserve for bad and doubtful debts qualifies as a reserve and is included in capital, in line with binding Supreme Court authority. Declared dividends must also be reduced from the general reserve when computing capital for surtax purposes. The note applies settled precedent to both issues and confirms that the relevant capital base is to be computed by treating the bad and doubtful debts reserve as part of reserve capital and by deducting dividends declared from general reserve. en-us Fri, 29 Apr 1994 00:00:00 +0530 Sat, 07 Nov 2009 10:32:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19555 For surtax capital computation, a reserve for bad and doubtful debts qualifies as a reserve and is included in capital, in line with binding Supreme Court authority. Declared dividends must also be reduced from the general reserve when computing capital for surtax purposes. The note applies settled precedent to both issues and confirms that the relevant capital base is to be computed by treating the bad and doubtful debts reserve as part of reserve capital and by deducting dividends declared from general reserve. Case-Laws Income Tax Fri, 29 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19555