Badger Lumber Co. v. Commissioner

BADGER LUMBER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

BADGER LUMBER & COAL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Badger Lumber Co. v. Commissioner

Docket No. 25117.

United States Board of Tax Appeals

23 B.T.A. 362; 1931 BTA LEXIS 1889;

May 20, 1931, Promulgated

Dividends on preferred stock declarable out of net earnings only may not be regarded as interest on borrowed funds.

Phil D. Morelock, Esq., for the petitioner.

W. Frank Gibbs, Esq., for the respondent.

LANSDON

OPINION.

LANSDON: The respondent has determined a deficiency in income tax…