Corporate Inv. Co. v. Commissioner
United States Board of Tax Appeals
1. LOSS ON STOCK. - The distribution of stock of other corporations as a dividend does not give rise to deductible loss where the dividend resolution provides for payment in the stock, following General Utilities & Operating Co. v. Helvering,296 U.S. 200. 2. ACCRUED INTEREST AND CHARGES. - The evidence does not sustain respondent's affirmative allegation that he erred in allowing in 1929 part of a deduction for accrued interest and charges on amounts received by the…
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1. LOSS ON STOCK. - The distribution of stock of other corporations as a dividend does not give rise to deductible loss where the dividend resolution provides for payment in the stock, following General Utilities & Operating Co. v. Helvering,296 U.S. 200. 2. ACCRUED INTEREST AND CHARGES. - The evidence does not sustain respondent's affirmative allegation that he erred in allowing in 1929 part of a deduction for accrued interest and charges on amounts received by the petitioner under contracts with its shareholder where the contracts themselves and the consistent interpretation of them by the…
1Opinion of the Court
CORPORATE INVESTMENT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Corporate Inv. Co. v. Commissioner
Docket No. 78363.
United States Board of Tax Appeals
40 B.T.A. 1156; 1939 BTA LEXIS 742;
December 20, 1939, Promulgated
1. LOSS ON STOCK. - The distribution of stock of other corporations as a dividend does not give rise to deductible loss where the dividend resolution provides for payment in the stock, following General Utilities & Operating Co. v. Helvering,296 U.S. 200.
2. ACCRUED INTEREST AND CHARGES. - The evidence does not sustain respondent's affirmative allegation…
2Cases cited23 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. MitchellSupreme Court of the United States · 1938
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
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