McCoy-Garten Realty Co. v. Commissioner
United States Board of Tax Appeals
1. On the facts in the case, a certain instrument issued by the petitioner and denominated a certificate of preferred stock, held to be stock and not a certificate of indebtedness. 2. Held, that quarterly payments made in accordance with the terms of such stock, were dividends and do not constitute allowable deductions in computing net income. 3. Held, that the discount on the sale of said preferred stock can not be amortized over the life of the issue.
1Opinion of the Court
MCCOY-GARTEN REALTY CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McCoy-Garten Realty Co. v. Commissioner
Docket No. 13675.
United States Board of Tax Appeals
14 B.T.A. 853; 1928 BTA LEXIS 2896;
December 20, 1928, Promulgated
1. On the facts in the case, a certain instrument issued by the petitioner and denominated a certificate of preferred stock, held to be stock and not a certificate of indebtedness.
2. Held, that quarterly payments made in accordance with the terms of such stock, were dividends and do not constitute allowable deductions in computing net income.
3. Held, that…
2Cases cited1 opinion
- McCoy-Garten Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1928