Chemical Nat'l Bank v. Commissioner
United States Board of Tax Appeals
The petitioner exchanged notes costing it $1,500,000 for second mortgage bonds of the value of $900,000, and claims to have thereby sustained a loss of $600,000. Held, such loss is allowable.
1Opinion of the Court
THE CHEMICAL NATIONAL BANK OF NEW YORK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Chemical Nat'l Bank v. Commissioner
Docket No. 45604.
United States Board of Tax Appeals
30 B.T.A. 178; 1934 BTA LEXIS 1359;
March 27, 1934, Promulgated
The petitioner exchanged notes costing it $1,500,000 for second mortgage bonds of the value of $900,000, and claims to have thereby sustained a loss of $600,000. Held, such loss is allowable.
W. W. Spalding, Esq., for the petitioner.
Bruce A. Low, Esq., and T. G. Histon, Esq., for the respondent.
SEAWELL
The Commissioner determined deficiencies in…
2Cases cited2 opinions
- Chemical Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1934
- Chemical National Bank of New York v. CommissionerUnited States Board of Tax Appeals · 1934