District Bond Co. v. Commissioner

DENMAN, Circuit Judge.

Petitioning taxpayer seeks a review of a decision of the Board of Tax Appeals (a) holding not tax exempt the obligations of certain municipal subdivisions of the State of California on street improvement and like bonds issued by them, and (b) denying a deduction of interest coupon debts to taxpayer on certain of the bonds which became worthless in a tax year later than that in which the mature coupons were accrued on taxpayer’s books but not charged into its taxable income.(a) Taxpayer’s bond interest taxed by the Commissioner was accrued on taxpayer’s books in the tax…