Carlisle Packing Co. v. Commissioner
United States Board of Tax Appeals
Petitioner transferred to its creditor property having a depreciated cost of $346,106.87, and received back canceled notes in the amount of $650,000 given to the creditor in prior years for loans. Held, that petitioner thereby realized a taxable gain in the amount of the difference between the cost of the property and the face amount of the notes.
1Opinion of the Court
CARLISLE PACKING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Carlisle Packing Co. v. Commissioner
Docket Nos. 55209, 64926.
United States Board of Tax Appeals
29 B.T.A. 514; 1933 BTA LEXIS 931;
December 6, 1933, Promulgated
Petitioner transferred to its creditor property having a depreciated cost of $346,106.87, and received back canceled notes in the amount of $650,000 given to the creditor in prior years for loans. Held, that petitioner thereby realized a taxable gain in the amount of the difference between the cost of the property and the face amount of the notes.
Chas.…
2Cases cited1 opinion
- Carlisle Packing Co. v. CommissionerUnited States Board of Tax Appeals · 1933