Guantanamo & W. R. Co. v. Commissioner
United States Tax Court
Petitioner, a Maine corporation, transacted all its business in Cuba. In 1928, it executed in New York City a 30-year $ 3,000,000 bond issue which remained outstanding throughout the taxable years here involved. The bonds bore interest at 6 per cent, payable semi-annually on January 1 and July 1 in New York City. Petitioner adopted a fiscal accounting period ending June 30 and was on the accrual basis. In 1934, Cuba decreed a moratorium on debts.
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Petitioner, a Maine corporation, transacted all its business in Cuba. In 1928, it executed in New York City a 30-year $ 3,000,000 bond issue which remained outstanding throughout the taxable years here involved. The bonds bore interest at 6 per cent, payable semi-annually on January 1 and July 1 in New York City. Petitioner adopted a fiscal accounting period ending June 30 and was on the accrual basis. In 1934, Cuba decreed a moratorium on debts. The maturity date of all debts was fixed at June 30, 1970, and the rate of interest that could be demanded was fixed at 1 per cent on debts…
1Opinion of the Court
Guantanamo & Western Railroad Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Guantanamo & W. R. Co. v. Commissioner
Docket No. 59860
United States Tax Court
31 T.C. 842; 1959 U.S. Tax Ct. LEXIS 255;
January 26, 1959, Filed
Decision will be entered under Rule 50.
Petitioner, a Maine corporation, transacted all its business in Cuba. In 1928, it executed in New York City a 30-year $ 3,000,000 bond issue which remained outstanding throughout the taxable years here involved. The bonds bore interest at 6 per cent, payable semi-annually on January 1 and July 1 in New York City.…
2Cases cited17 opinions
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- Baltimore Transfer Co. v. CommissionerUnited States Tax Court · 1947
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