Legal Opinion
Chenango Textile Corp. v. Commissioner of Int. Rev.
Court of Appeals for the Second Circuit
Decided March 23, 1945No. 25PublishedCited by 21 opinions
1Opinion of the Court
FRANK, Circuit Judge.
1. In Carroll-McCreary v. Commissioner of Internal Revenue, 2 Cir., 124 F.2d 303, 305, this court stated that “the phrase ‘gratuitously forgives the debt’ 1 means simply that no consideration is paid by the corporation for release of the debt.” We are still of that opinion, especially since the rationale of the Carroll-McCreary case has been buttressed by the Supreme Court’s decision in Helvering v. American Dental Co., 318 U.S. 322, 63 S.Ct. 577, 87 L.Ed. 785. There the Court said: “Where a stockholder gratuitously forgives the corporation’s debt to himself, the…
2Cases cited7 opinions
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Helvering v. American Dental Co.Supreme Court of the United States · 1943
- Commissioner v. WemyssSupreme Court of the United States · 1945
- Claridge Apartments Co. v. CommissionerSupreme Court of the United States · 1944
2 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Vincent C. Giblin v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- United Grocers, Ltd. v. United StatesCourt of Appeals for the Ninth Circuit · 1962
- B. Forman Co. v. CommissionerCourt of Appeals for the Second Circuit · 1972
- Ecco High Frequency Corp. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1948
- Birmingham Terminal Co. v. CommissionerUnited States Tax Court · 1951
16 more not listed; retrieve them via the Exa API.