Transylvania R. Co. v. Commissioner
United States Board of Tax Appeals
Where a corporation acquired its own bonds at a price less than the issuing price, the amount of the excess of issuing price over purchasing price constituted taxable gain or income.
1Opinion of the Court
TRANSYLVANIA RAILROAD COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Transylvania R. Co. v. Commissioner
Docket No. 79517.
United States Board of Tax Appeals
36 B.T.A. 333; 1937 BTA LEXIS 732;
July 16, 1937, Promulgated
Where a corporation acquired its own bonds at a price less than the issuing price, the amount of the excess of issuing price over purchasing price constituted taxable gain or income.
J. M. McCready, Esq., for the petitioner.
Byron M. Coon, Esq., for the respondent.
MILLER
The Commissioner determined a deficiency of $1,950.72 in petitioner's income tax for 1932, of…
2Cases cited9 opinions
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- Helvering v. American Chicle Co.Supreme Court of the United States · 1934
- Garland Coal & Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- R. J. Reynolds Tobacco Co. v. CommissionerUnited States Board of Tax Appeals · 1937
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