Interstate Realty Co. v. Commissioner
United States Board of Tax Appeals
Petitioner declared a dividend and discharged the same by distribution of purchase money notes which represented profits from the sale of a subdivision project. Held, that it realized income in the amount of such profits as of the date of distribution.
1Opinion of the Court
INTERSTATE REALTY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Interstate Realty Co. v. Commissioner
Docket Nos. 46272, 50981.
United States Board of Tax Appeals
25 B.T.A. 728; 1932 BTA LEXIS 1489;
February 29, 1932, Promulgated
Petitioner declared a dividend and discharged the same by distribution of purchase money notes which represented profits from the sale of a subdivision project. Held, that it realized income in the amount of such profits as of the date of distribution.
John E. McClure, Esq., for the petitioner.
Nathan Gammon, Esq., for the respondent.
LANSDON
The…
2Cases cited1 opinion
- Interstate Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1932