Securities Co. of New Jersey v. Commissioner
United States Board of Tax Appeals
1. Petitioner received certain shares of stock during the taxable year which respondent has determined had a fair market value of 12 1/2 cents per share. Held, on all the evidence, that the stock had a fair market value when received of 12 1/2 cents per share. 2. Petitioner's board of directors duly resolved during the taxable year to set aside its net profits for that year to retire its bonded indebtedness.
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1. Petitioner received certain shares of stock during the taxable year which respondent has determined had a fair market value of 12 1/2 cents per share. Held, on all the evidence, that the stock had a fair market value when received of 12 1/2 cents per share. 2. Petitioner's board of directors duly resolved during the taxable year to set aside its net profits for that year to retire its bonded indebtedness. Accordingly, entries were made in its journal debiting to surplus and crediting a certain amount to a bond retirement account. During the taxable year petitioner set aside shares of stock…
1Opinion of the Court
SECURITIES COMPANY OF NEW JERSEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Securities Co. of New Jersey v. Commissioner
Docket No. 105049.
United States Board of Tax Appeals
45 B.T.A. 1048; 1941 BTA LEXIS 1030;
December 18, 1941, Promulgated
1. Petitioner received certain shares of stock during the taxable year which respondent has determined had a fair market value of 12 1/2 cents per share. Held, on all the evidence, that the stock had a fair market value when received of 12 1/2 cents per share.
2. Petitioner's board of directors duly resolved during the taxable year to set…
2Cases cited2 opinions
- Atlantic Land Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Securities Co. of New Jersey v. CommissionerUnited States Board of Tax Appeals · 1941