Stein v. Commissioner
United States Board of Tax Appeals
1. INCOME - SOURCES WITHIN UNITED STATES - FOREIGN BILLS OF EXCHANGE. - Transactions of a foreign banking partnership, whereby it caused drafts drawn to its order by clients abroad to be accepted by banks in the United States solely on its own credit and with the understanding that it would cover them two days before maturity, discounted the accepted drafts in the United States, and, after acceptance of drafts, made advances to clients and collected the amount of the drafts…
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1. INCOME - SOURCES WITHIN UNITED STATES - FOREIGN BILLS OF EXCHANGE. - Transactions of a foreign banking partnership, whereby it caused drafts drawn to its order by clients abroad to be accepted by banks in the United States solely on its own credit and with the understanding that it would cover them two days before maturity, discounted the accepted drafts in the United States, and, after acceptance of drafts, made advances to clients and collected the amount of the drafts from them when they became payable, held not to involve a purchase of personal property without the United States,…
1Opinion of the Court
NATHAN STEIN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MORITZ STRAUS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MEIER A. STRAUS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
FRIEDRICH A. STRAUS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Stein v. Commissioner
Docket Nos. 83178, 83179, 83180, 83181.
United States Board of Tax Appeals
40 B.T.A. 848; 1939 BTA LEXIS 795;
October 31, 1939, Promulgated
1. INCOME - SOURCES WITHIN UNITED STATES - FOREIGN BILLS OF EXCHANGE. - Transactions of a foreign banking partnership, whereby it…
2Cases cited1 opinion
- Stein v. CommissionerUnited States Board of Tax Appeals · 1939