American Dental Co. v. Commissioner
United States Board of Tax Appeals
INCOME - FORGIVENESS OF INDEBTEDNESS. - Forgiveness of debts for back rent and accrued interest, held, to have taken place in the taxable year rather than prior thereto; the forgiveness was not a gift; and the resulting tax liability need not be limited to the tax benefit measured in dollars received by the taxpayer in prior years when it claimed deductions on an accrual method for the rent and interest.
1Opinion of the Court
AMERICAN DENTAL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
American Dental Co. v. Commissioner
Docket No. 102977.
United States Board of Tax Appeals
44 B.T.A. 425; 1941 BTA LEXIS 1330;
May 7, 1941, Promulgated
INCOME - FORGIVENESS OF INDEBTEDNESS. - Forgiveness of debts for back rent and accrued interest, held, to have taken place in the taxable year rather than prior thereto; the forgiveness was not a gift; and the resulting tax liability need not be limited to the tax benefit measured in dollars received by the taxpayer in prior years when it claimed deductions on an…
2Cases cited9 opinions
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Block v. CommissionerUnited States Board of Tax Appeals · 1939
- Lakeland Grocery Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- Denny v. CommissionerUnited States Board of Tax Appeals · 1935
- Central Loan & Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1939
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