Inland Finance Co. v. Commissioner

*201OPINION.

Black :

In support of his contention that the amounts accruing to petitioner in the taxable years on account of payments previously made on stock subscription agreements canceled in such years are not income, counsel for the petitioner cites Illinois Rural Credit Association, 3 B. T. A. 1178, and Industrial Loan c& Investment Co., 17 B. T. A. 1328.

In Illinois Rural Credit Association, supra, subscribers to capital stock, after making partial payment on their subscriptions, defaulted in meeting the remaining payments due. The stock so subscribed for, together with payments then made,…