Bekins v. Commissioner
United States Board of Tax Appeals
1. Bonds were issued by political subdivisions of a state under general acts of the legislature. They were in varying amounts, representing in each instance the amount assessed against a particular lot or parcel of land for a public improvement and provided on their face, in accordance with the acts under which they were issued, that neither the issuing municipality nor any officer thereof should be holden for payment.
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1. Bonds were issued by political subdivisions of a state under general acts of the legislature. They were in varying amounts, representing in each instance the amount assessed against a particular lot or parcel of land for a public improvement and provided on their face, in accordance with the acts under which they were issued, that neither the issuing municipality nor any officer thereof should be holden for payment. Payment was to be made to the municipal treasurer for the benefit of the holder of the bond. In the event of default the holder of the bond was entitled to declare the whole…
1Opinion of the Court
OPINION
Mellott:
Tbe Commissioner determined that interest, amounting to $1,550.72, received by tbe decedent and ber estate during tbe year 1935 upon certain bonds, was improperly excluded from gross income under section 22 (b) (4) of tbe Revenue Act of 1934.1 Accordingly be determined a deficiency in tax of $48.78. Petitioners contend that be erred.
Tbe facts were all stipulated. We shall make reference herein only to those necessary for an understanding of tbe question to be decided.
Tbe petitioners are tbe duly appointed and acting executors of tbe estate of Katherine Bekins, deceased, who…
2Cases cited19 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Edwards v. KearzeySupreme Court of the United States · 1878
- Koshland v. HelveringSupreme Court of the United States · 1936
- Willcutts v. BunnSupreme Court of the United States · 1931
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3Cited by4 opinions
- Independent Gravel Co. v. CommissionerUnited States Tax Court · 1971
- Bekins v. CommissionerUnited States Board of Tax Appeals · 1938
- Heath v. CommissionerUnited States Board of Tax Appeals · 1938
- Independent Gravel Co. v. CommissionerUnited States Tax Court · 1971