Mullin Bldg. Corp. v. Commissioner
United States Tax Court
Held, that certain debenture preferred stock represents proprietary right of the holders thereof and not the right of creditors and that the payment of so-called interest on such debenture stock was the distribution of a dividend on preferred stock.
1Opinion of the Court
OPINION.
Hill, Judge:
The present case presents the question of whether a given security constitutes an indebtedness or a stock interest. The considerations on which the courts rely in determining whether a particular security represents a stock or a debt have been often stated and are now familiar. The result of these considerations in a given case is determined upon the facts and circumstances of the particular case. We have carefully weighed and considered the facts and circumstances relating to the securities here in question and have concluded that they must be considered for tax purposes…
2Cases cited2 opinions
- Cleveland Adolph Mayer Realty Corp. v. CommissionerUnited States Tax Court · 1946
- Golden Belt Lumber Co. v. CommissionerUnited States Tax Court · 1943
3Cited by39 opinions
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Schnitzer v. CommissionerUnited States Tax Court · 1949
- Dobkin v. CommissionerUnited States Tax Court · 1950
- Kraft Foods Company v. Commissioner of Internal Revenue, (Two Cases)Court of Appeals for the Second Circuit · 1956
- Estate of Miller v. CommissionerUnited States Tax Court · 1955
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