Industrial Loan & Inv. Co. v. Commissioner
United States Board of Tax Appeals
Petitioner sold its capital stock on the installment plan. Upon default in meeting the payments due, the stock and the amounts paid thereon were declared forfeited. Under the laws of Oklahoma such forfeiture is void and the subscriber may redeem his stock at any time before foreclosure. Held that the amounts so forfeited are not income in the hands of petitioner.
1Opinion of the Court
INDUSTRIAL LOAN & INVESTMENT CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Industrial Loan & Inv. Co. v. Commissioner
Docket No. 20664.
United States Board of Tax Appeals
17 B.T.A. 1328; 1929 BTA LEXIS 2137;
November 8, 1929,
Petitioner sold its capital stock on the installment plan. Upon default in meeting the payments due, the stock and the amounts paid thereon were declared forfeited. Under the laws of Oklahoma such forfeiture is void and the subscriber may redeem his stock at any time before foreclosure. Held that the amounts so forfeited are not income in the hands of…
2Cases cited1 opinion
- Industrial Loan & Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1929