Virginia Iron, Coal & Coke Co. v. Commissioner
United States Board of Tax Appeals
Income derived by the petitioner from the purchase of its bonds is taxable in the year of such purchase, Garland Coal & Mining Co.,28 B.T.A. 348, followed, and the measure of income is the difference between the issuing and purchase price and not the difference between their March 1, 1913, value and the purchase price.
1Opinion of the Court
VIRGINIA IRON, COAL AND COKE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Virginia Iron, Coal & Coke Co. v. Commissioner
Docket No. 51576.
United States Board of Tax Appeals
29 B.T.A. 1087; 1934 BTA LEXIS 1430;
February 13, 1934, Promulgated
Income derived by the petitioner from the purchase of its bonds is taxable in the year of such purchase, Garland Coal & Mining Co.,28 B.T.A. 348, followed, and the measure of income is the difference between the issuing and purchase price and not the difference between their March 1, 1913, value and the purchase price.
L. A. Nuckols,…
2Cases cited2 opinions
- Garland Coal & Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Virginia Iron, Coal & Coke Co. v. CommissionerUnited States Board of Tax Appeals · 1934