Brockway Glass Co. v. Commissioner
United States Board of Tax Appeals
1. A bond indenture obligated the petitioner to reserve out of earnings $5,000 per year to discharge bonds maturing in the taxable year.
Read the full summary
1. A bond indenture obligated the petitioner to reserve out of earnings $5,000 per year to discharge bonds maturing in the taxable year. This was not done in previous years, but in the taxable year petitioner received from dividends, and paid on the bonds approximately $20,000. Held, on the facts, that the Commissioner properly allowed credit under section 26(c)(2), Revenue Act of 1936, on only $5,000. 2. Held, that a capital stock tax return can not be amended after termination of filing period (William B. Scaife & Sons Co.,41 B.T.A. 278, followed); held, further, section 105, Revenue Act of…
1Opinion of the Court
BROCKWAY GLASS COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Brockway Glass Co. v. Commissioner
Docket No. 100367.
United States Board of Tax Appeals
43 B.T.A. 267; 1941 BTA LEXIS 1524;
January 9, 1941, Promulgated
1. A bond indenture obligated the petitioner to reserve out of earnings $5,000 per year to discharge bonds maturing in the taxable year. This was not done in previous years, but in the taxable year petitioner received from dividends, and paid on the bonds approximately $20,000. Held, on the facts, that the Commissioner properly allowed credit under section…
2Cases cited7 opinions
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- G. B. R. Oil Corp. v. CommissionerUnited States Board of Tax Appeals · 1939
- Brockway Glass Co. v. CommissionerUnited States Board of Tax Appeals · 1941
2 more not listed; retrieve them via the Exa API.