Waggaman v. Commissioner
United States Board of Tax Appeals
1. Where a corporation canceled certain notes of its principal stockholders, which had been transferred to it in part payment of its capital stock, the amounts of the canceled debts are dividends and not tax-free gifts. 2. Where petitioners filed tax returns, to which were attached consents in writing waiving limitation, and did not question their authenticity, they will be accepted as part of the record and given effect accordingly.
1Opinion of the Court
*477OPINION.
Smith:
Petitioners plead limitation and allege that the respondent erred in including in their respective incomes the canceled notes, claiming that the notes were never intended to be paid, that they were erroneously transferred to the corporation, and that they were canceled to correct the error, or as a forgiveness of the debt.
Relative to the plea of limitation, it is sufficient to say that the petitioners’ counsel introduced in evidence the income tax returns for both petitioners for the taxable year. Both returns are stamped as being filed March 12, 1929, and on both appears in…
2Cases cited5 opinions
- Cohen v. CommissionerUnited States Board of Tax Appeals · 1933
- Robison v. CommissionerUnited States Board of Tax Appeals · 1931
- Miller v. CommissionerUnited States Board of Tax Appeals · 1932
- Fitch v. CommissionerUnited States Board of Tax Appeals · 1933
- Hadley v. CommissionerUnited States Board of Tax Appeals · 1927
3Cited by1 opinion
- Waggaman v. CommissionerUnited States Board of Tax Appeals · 1933