Seaboard Loan & Sav. Asso. v. Commissioner
United States Board of Tax Appeals
1. The return charged for the use of money loaned in small amounts is "interest" as that word is used in section 353(a), Revenue Act of 1936, as amended by the Revenue Act of 1937, and, therefore, taxpayer whose business consisted of making small loans was taxable as a personal holding company where its interest income constituted more than 80 percent of its gross income, and more than 50 percent of its stock was owned by not more than five individuals. 2. Where petitioner…
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1. The return charged for the use of money loaned in small amounts is "interest" as that word is used in section 353(a), Revenue Act of 1936, as amended by the Revenue Act of 1937, and, therefore, taxpayer whose business consisted of making small loans was taxable as a personal holding company where its interest income constituted more than 80 percent of its gross income, and more than 50 percent of its stock was owned by not more than five individuals. 2. Where petitioner filed no personal holding company return on Form 1120H as required by the law and the applicable regulations and failed…
1Opinion of the Court
*514OPINION.
Black :
The issues presented for decision are whether the respondent erred in determining that the petitioner was a personal holding company in the taxable year and in assessing a penalty of 25 percent for failure to file a personal holding company return on Form 1120H.
Although the taxable year of petitioner which is before us ended March 31, 1938, the Revenue Act of 1936 is the applicable ■act. This is so because section 1 of the Revenue Act of 1938 provides that “The provisions of this title shall apply only to taxable years beginning after December 31, 1937.” The taxable year before…
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