Gladstone Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner is not entitled under section 233 of the Revenue Act of 1928 to deductions allowed under section 23(p) of the act where it fails to include in its return the information deemed necessary by the Commissioner for the calculation of such deductions. 2. The acquisition by assignment from a stockholder of the right to receive dividends, after it has become fixed, in exchange for a bond, is a capital transaction, and the payment by the corporation to the assignee…
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1. Petitioner is not entitled under section 233 of the Revenue Act of 1928 to deductions allowed under section 23(p) of the act where it fails to include in its return the information deemed necessary by the Commissioner for the calculation of such deductions. 2. The acquisition by assignment from a stockholder of the right to receive dividends, after it has become fixed, in exchange for a bond, is a capital transaction, and the payment by the corporation to the assignee does not constitute income from dividends in the hands of the assignee.
1Opinion of the Court
OPINION.
Aenold :
This proceeding involves a deficiency in income tax in the amount of $15,765.12 for the calendar year 1931 and a delinquency penalty of $3,941.28.
Two questions are presented — (1) whether under the facts of this case in the computation of petitioner’s net income it is entitled to deductions allowed under section 23 (p) of the Revenue Act of 1928, (2) whether the item of $99,960 received by petitioner in 1931 from the Brady Realty & Securities Co. was in fact a dividend received *765by petitioner on tlie stock of a domestic corporation within the United States, or whether it…
2Cited by7 opinions
- Blenheim Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1942
- Espinosa v. CommissionerUnited States Tax Court · 1996
- Del Mar Addition v. CommissionerUnited States Board of Tax Appeals · 1939
- Espinosa v. CommissionerUnited States Tax Court · 1996
- Gladstone Co. v. CommissionerUnited States Board of Tax Appeals · 1937
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