Beck-Brown Realty Co. v. Commissioner
United States Board of Tax Appeals
1. In 1931 petitioner and another corporation entered into an agreement whereby petitioner was to lend the latter $40,000, in consideration for which the borrower was to pay petitioner a commission of $3,200. Checks for the respective amounts were delivered simultaneously together with a promissory note for $40,000 from the borrower to petitioner. In 1932, the due date of the note was extended for one year in consideration of the payment of an additional commission therefor.
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1. In 1931 petitioner and another corporation entered into an agreement whereby petitioner was to lend the latter $40,000, in consideration for which the borrower was to pay petitioner a commission of $3,200. Checks for the respective amounts were delivered simultaneously together with a promissory note for $40,000 from the borrower to petitioner. In 1932, the due date of the note was extended for one year in consideration of the payment of an additional commission therefor. The amount paid on account of renewal commission in 1932 was not treated as income nor reported as such in petitioner's…
1Opinion of the Court
BECK-BROWN REALTY CO., INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Beck-Brown Realty Co. v. Commissioner
Docket No. 102821.
United States Board of Tax Appeals
46 B.T.A. 1225; 1942 BTA LEXIS 754;
May 28, 1942, Promulgated
1. In 1931 petitioner and another corporation entered into an agreement whereby petitioner was to lend the latter $40,000, in consideration for which the borrower was to pay petitioner a commission of $3,200. Checks for the respective amounts were delivered simultaneously together with a promissory note for $40,000 from the borrower to petitioner. In 1932,…
2Cases cited1 opinion
- Beck-Brown Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1942