Hull v. Commissioner
United States Board of Tax Appeals
1. Where the president of a corporation in 1925 took possession of its certificates of deposit and held them unendorsed until 1926, when he returned them and received the corporation's check to his order in payment of a contractual obligation to him, held, that the amount thereof is within his income of 1926 and not of 1925. 2. Payment received by petitioner under an unambiguous contract, held, within ordinary income as consideration for an option and not as sale price.
1Opinion of the Court
A. G. HULL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hull v. Commissioner
Docket No. 48693.
United States Board of Tax Appeals
33 B.T.A. 178; 1935 BTA LEXIS 794;
October 10, 1935, Promulgated
1. Where the president of a corporation in 1925 took possession of its certificates of deposit and held them unendorsed until 1926, when he returned them and received the corporation's check to his order in payment of a contractual obligation to him, held, that the amount thereof is within his income of 1926 and not of 1925.
2. Payment received by petitioner under an unambiguous contract,…
2Cases cited1 opinion
- Hull v. CommissionerUnited States Board of Tax Appeals · 1935