George Hall Corp. v. Commissioner
United States Tax Court
The amount forgiven by a shareholder of interest in arrears on debentures of the corporation held by him, which interest, in common with all the other interest on the debentures, had been deducted by the corporation on its returns for the years when it accrued, is properly included within the corporation's income in the year of forgiveness.
1Opinion of the Court
George Hall Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
George Hall Corp. v. Commissioner
Docket No. 107409
United States Tax Court
1 T.C. 471; 1943 U.S. Tax Ct. LEXIS 253;
January 19, 1943, Promulgated
Decision will be entered for the respondent.
The amount forgiven by a shareholder of interest in arrears on debentures of the corporation held by him, which interest, in common with all the other interest on the debentures, had been deducted by the corporation on its returns for the years when it accrued, is properly included within the corporation's income in the year of…
Also in this document: Concurrence.
2Cases cited1 opinion
- George Hall Corp. v. CommissionerUnited States Tax Court · 1943