Motor Products Corp. v. Commissioner
United States Board of Tax Appeals
1. INCOME - EXCHANGE OF PROPERTY. - Held, that a refunding of outstanding defaulted bonds of the city of Detroit pursuant to a refunding agreement did not create a new debt, but resulted in a continuation of the existing indebtedness; held, further, that petitioner's surrender of defaulted bonds and receipt of the refunding bonds in lieu thereof, as evidence of the city's continuing indebtedness or loss. 2. DEDUCTION. - Where a debt was charged off and deducted by the…
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1. INCOME - EXCHANGE OF PROPERTY. - Held, that a refunding of outstanding defaulted bonds of the city of Detroit pursuant to a refunding agreement did not create a new debt, but resulted in a continuation of the existing indebtedness; held, further, that petitioner's surrender of defaulted bonds and receipt of the refunding bonds in lieu thereof, as evidence of the city's continuing indebtedness or loss. 2. DEDUCTION. - Where a debt was charged off and deducted by the taxpayer in its return for 1933 and in 1936 the taxpayer received $12,429.90 through assignment to another of its claim for…
1Opinion of the Court
MOTOR PRODUCTS CORPORATION, A NEW YORK CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. *
Motor Products Corp. v. Commissioner
Docket No. 104980.
United States Board of Tax Appeals
47 B.T.A. 983; 1942 BTA LEXIS 616;
November 10, 1942, Promulgated
1. INCOME - EXCHANGE OF PROPERTY. - Held, that a refunding of outstanding defaulted bonds of the city of Detroit pursuant to a refunding agreement did not create a new debt, but resulted in a continuation of the existing indebtedness; held, further, that petitioner's surrender of defaulted bonds and receipt of the refunding bonds…
2Cases cited10 opinions
- Weiss v. StearnSupreme Court of the United States · 1924
- Motor Products Corp. v. CommissionerUnited States Board of Tax Appeals · 1942
- Citizens State Bank v. CommissionerUnited States Board of Tax Appeals · 1942
- Hanlin v. CommissionerUnited States Board of Tax Appeals · 1938
- Taylor v. CommissionerUnited States Board of Tax Appeals · 1941
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