Clay Drilling Co. v. Commissioner
United States Tax Court
Petitioner had certain accounts on its books for money advanced to two individuals who were its stockholders at the time the advancements were made.
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Petitioner had certain accounts on its books for money advanced to two individuals who were its stockholders at the time the advancements were made. In 1938 these stockholders sold their stock to two other individuals and at the time of sale it was agreed by all parties, including petitioner, that the two debtors would be released from personal liability to pay the accounts and that in the future a certain percentage of commissions due to these two debtors by petitioner on oil drilling contracts tendered by them to petitioner should be applied as credits to the accounts. Thereafter the…
1Opinion of the Court
The Clay Drilling Company of Texas, Petitioner, v. Commissioner of Internal Revenue, Respondent
Clay Drilling Co. v. Commissioner
Docket No. 6927
United States Tax Court
6 T.C. 324; 1946 U.S. Tax Ct. LEXIS 279;
March 4, 1946, Promulgated
Decision will be entered under Rule 50.
Petitioner had certain accounts on its books for money advanced to two individuals who were its stockholders at the time the advancements were made. In 1938 these stockholders sold their stock to two other individuals and at the time of sale it was agreed by all parties, including petitioner, that the two debtors would be…
2Cases cited2 opinions
- Riverview State Bank v. CommissionerUnited States Tax Court · 1943
- Clay Drilling Co. v. CommissionerUnited States Tax Court · 1946