Gladstone Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner is not entitled under section 233 of the Revenue Act of 1928 to deductions allowed under section 23(p) of the act where it fails to include in its return the information deemed necessary by the Commissioner for the calculation of such deductions. 2. The acquisition by assignment from a stockholder of the right to receive dividends, after it has become fixed, in exchange for a bond, is a capital transaction, and the payment by the corporation to the assignee…
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1. Petitioner is not entitled under section 233 of the Revenue Act of 1928 to deductions allowed under section 23(p) of the act where it fails to include in its return the information deemed necessary by the Commissioner for the calculation of such deductions. 2. The acquisition by assignment from a stockholder of the right to receive dividends, after it has become fixed, in exchange for a bond, is a capital transaction, and the payment by the corporation to the assignee does not constitute income from dividends in the hands of the assignee.
1Opinion of the Court
GLADSTONE COMPANY, LIMITED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gladstone Co. v. Commissioner
Docket No. 79155.
United States Board of Tax Appeals
35 B.T.A. 764; 1937 BTA LEXIS 840;
March 30, 1937, Promulgated
1. Petitioner is not entitled under section 233 of the Revenue Act of 1928 to deductions allowed under section 23(p) of the act where it fails to include in its return the information deemed necessary by the Commissioner for the calculation of such deductions.
2. The acquisition by assignment from a stockholder of the right to receive dividends, after it has become…
2Cases cited2 opinions
- Gladstone Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- London & Lancashire Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1936