George Hall Corp. v. Commissioner
United States Tax Court
Following Helvering v. American Dental Co., 318 U.S. 322, a voluntary cancellation of overdue interest on debentures held by a shareholder of the debtor is a gift and not taxable income to the debtor.
1Opinion of the Court
George Hall Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
George Hall Corp. v. Commissioner
Docket No. 107409
United States Tax Court
2 T.C. 146; 1943 U.S. Tax Ct. LEXIS 137;
June 16, 1943, Promulgated
Decision will be entered under Rule 50.
Following Helvering v. American Dental Co., 318 U.S. 322, a voluntary cancellation of overdue interest on debentures held by a shareholder of the debtor is a gift and not taxable income to the debtor.
Howard F. Farrington, C. P. A., for the petitioner.
Harold D. Thomas, Esq., for the respondent.
Sternhagen, Judge. Leech, J., dissenting.…
Also in this document: Dissent.
2Cases cited4 opinions
- Helvering v. American Dental Co.Supreme Court of the United States · 1943
- Detroit Edison Co. v. CommissionerSupreme Court of the United States · 1943
- George Hall Corp. v. CommissionerUnited States Tax Court · 1943
- Pondfield Realty Co. v. CommissionerUnited States Tax Court · 1942