Elko Lamoille Power Co. v. Commissioner
United States Board of Tax Appeals
1. In the circumstances, held that a certain instrument issued by petitioner and denominated a certificate of preferred stock does not constitute a certificate of indebtedness. 2. Amounts paid to holders of such preferred stock during the taxable years 1926 and 1927 represented the payment of dividends and do not constitute allowable deductions in computing net income.
1Opinion of the Court
ELKO LAMOILLE POWER CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Elko Lamoille Power Co. v. Commissioner
Docket Nos. 40758, 45438.
United States Board of Tax Appeals
21 B.T.A. 291; 1930 BTA LEXIS 1874;
November 12, 1930, Promulgated
1. In the circumstances, held that a certain instrument issued by petitioner and denominated a certificate of preferred stock does not constitute a certificate of indebtedness.
2. Amounts paid to holders of such preferred stock during the taxable years 1926 and 1927 represented the payment of dividends and do not constitute allowable deductions in…
2Cases cited1 opinion
- Elko Lamoille Power Co. v. CommissionerUnited States Board of Tax Appeals · 1930