Pittsburgh Laundry, Inc. v. Commissioner
United States Board of Tax Appeals
Petitioner purchased and sold some of its own common stock, partly because of a desire to use the proceeds to purchase its preferred stock. The proceeds were so used, but the preferred stock has been retained, uncanceled, as treasury stock. Held, petitioner realized taxable gain on the purchase and sale of its common stock.
1Opinion of the Court
OPINION.
Disney:
We have for consideration in this proceeding income and excess profits taxes for the calendar year 1937 in the respective amounts of $2,908.26 and $243.90, in which amounts deficiencies were determined by the Commissioner. The only question involved is whether *231the petitioner realized taxable gain by reason of transactions in its own stock. A portion of the facts have been stipulated. The stipulation is by reference adopted as our findings of fact, which will be recited herein only in so far as required by examination of the issue at hand. The income and excess profits tax…
2Cited by4 opinions
- Pittsburgh Laundry, Inc. v. CommissionerUnited States Board of Tax Appeals · 1942
- Superheater Co. v. CommissionerUnited States Tax Court · 1943
- Webb v. CommissionerUnited States Tax Court · 1976
- Webb v. CommissionerUnited States Tax Court · 1976