Garland Coal & Mining Co. v. Commissioner
United States Board of Tax Appeals
The petitioner, in the year 1928, purchased certain of its bonds at a price less than the amount at which such bonds had been previously issued. It did not cancel such bonds, but held them in its treasury throughout the year 1928. Held that the eifference between the issuing price and the price at which petitioner purchased the bonds in 1928 constitutes taxable income in that year.
1Opinion of the Court
GARLAND COAL & MINING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Garland Coal & Mining Co. v. Commissioner
Docket No. 57534.
United States Board of Tax Appeals
28 B.T.A. 348; 1933 BTA LEXIS 1141;
June 9, 1933, Promulgated
The petitioner, in the year 1928, purchased certain of its bonds at a price less than the amount at which such bonds had been previously issued. It did not cancel such bonds, but held them in its treasury throughout the year 1928. Held that the eifference between the issuing price and the price at which petitioner purchased the bonds in 1928 constitutes…
2Cases cited1 opinion
- Garland Coal & Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1933