Northwest Utilities Sec. Corp. v. Commissioner
United States Board of Tax Appeals
A corporation executed a contract of sale for a large quantity of its capital assets, upon which it was paid a part of the purchase price in cash. Subsequently, it transferred such assets to trustees, who completed the sale by delivery of the assets to the purchaser and collecting the purchase price. Held, that the profits of the sale and income from the corpus, pending liquidation, constituted income of the corporation.
1Opinion of the Court
NORTHWEST UTILITIES SECURITIES CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Northwest Utilities Sec. Corp. v. Commissioner
Docket Nos. 54758, 59366.
United States Board of Tax Appeals
27 B.T.A. 524; 1933 BTA LEXIS 1346;
January 9, 1933, Promulgated
A corporation executed a contract of sale for a large quantity of its capital assets, upon which it was paid a part of the purchase price in cash. Subsequently, it transferred such assets to trustees, who completed the sale by delivery of the assets to the purchaser and collecting the purchase price. Held, that the profits of…
2Cases cited1 opinion
- Northwest Utilities Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1933