Michigan Silica Co. v. Commissioner
United States Board of Tax Appeals
Where petitioner was required by a trust indenture to pay 25 cents for each ton of sand produced and sold by it during the preceding month to a trustee, and the latter was required to place moneys so received in a sinking fund for the purchase or retirement of bonds, held, petitioner is entitled to the credit provided by section 26(c)(2) of the Revenue Act of 1936.
1Opinion of the Court
OPINION.
Leech :
This is a proceeding to redetermine a deficiency in income tax of $8,965.21 for the calendar year 1936. The only issue submitted is whether petitioner is entitled to a credit, under section 26 (c) (2) of the Revenue Act of 1936, because of a contract requiring it to deposit a certain monthly sum in a sinking fund for the retirement of bonds.
The facts were stipulated and are so found.
Petitioner is a corporation organized under the laws of Michigan. It is engaged in the production and sale of sand. On January 1, 1936, it was obligated on outstanding first mortgage, 1 percent…
2Cases cited3 opinions
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- Hasson v. KleeSupreme Court of Pennsylvania · 1895
3Cited by10 opinions
- Helvering v. Moloney Electric Co.Court of Appeals for the Eighth Circuit · 1941
- Commissioner v. Michigan Silica Co.Court of Appeals for the Sixth Circuit · 1941
- Baltimore Steam Packet Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Helms Bakeries v. CommissionerUnited States Board of Tax Appeals · 1942
- Magnus Beck Brewing Co. v. CommissionerUnited States Board of Tax Appeals · 1942
5 more not listed; retrieve them via the Exa API.