Davis v. Commissioner
United States Board of Tax Appeals
The petitioner was the guarantor of certain notes given by the Multitone Manufacturing Co. This company went into the hands of a receiver in 1921. The petitioner then gave to the payee of the notes his own notes and received the notes upon which he was guarantor.
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The petitioner was the guarantor of certain notes given by the Multitone Manufacturing Co. This company went into the hands of a receiver in 1921. The petitioner then gave to the payee of the notes his own notes and received the notes upon which he was guarantor. He made a claim against the receiver of the corporation for the amount of the notes guaranteed by him and in 1921 received a final liquidating dividend from the Multitone Manufacturing Co.Held that since the petitioner made his income-tax return for 1921 on a cash receipts and disbursements basis, he is not entitled to deduct from…
1Opinion of the Court
S. R. DAVIS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Davis v. Commissioner
Docket No. 6755.
United States Board of Tax Appeals
9 B.T.A. 755; 1927 BTA LEXIS 2523;
December 21, 1927, Promulgated
The petitioner was the guarantor of certain notes given by the Multitone Manufacturing Co. This company went into the hands of a receiver in 1921. The petitioner then gave to the payee of the notes his own notes and received the notes upon which he was guarantor. He made a claim against the receiver of the corporation for the amount of the notes guaranteed by him and in 1921 received a…
2Cases cited1 opinion
- Davis v. CommissionerUnited States Board of Tax Appeals · 1927