Kramon Development Co. v. Commissioner
United States Tax Court
Petitioner's redemption at less than par of bonds issued by it for property of a value less than the face amount of the bonds, petitioner at all times being insolvent, held, not to result in taxable gain. Dallas Transfer & Terminal Warehouse Co. v. Commissioner (C. C. A., 5th Cir.), 70 Fed. (2d) 95, followed.
1Opinion of the Court
Kramon Development Company, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Kramon Development Co. v. Commissioner
Docket No. 112416
United States Tax Court
3 T.C. 342; 1944 U.S. Tax Ct. LEXIS 184;
February 23, 1944, Promulgated
Decision will be entered under Rule 50.
Petitioner's redemption at less than par of bonds issued by it for property of a value less than the face amount of the bonds, petitioner at all times being insolvent, held, not to result in taxable gain. Dallas Transfer & Terminal Warehouse Co. v. Commissioner (C. C. A., 5th Cir.), 70 Fed. (2d) 95, followed.
Jerome E.…
2Cases cited1 opinion
- Kramon Development Co. v. CommissionerUnited States Tax Court · 1944