Gerard v. Commissioner
United States Board of Tax Appeals
Held, that a bond and mortgage given by a corporation to secure a loan from an individual do not come within the terms "bonds, debentures, notes, certificates or other evidences of indebtedness issued by any corporation" as those terms are used in section 117(f) of the Revenue Act of 1934.
1Opinion of the Court
OPINION.
Van Fossan :
A deficiency of $1,747.93 in income tax for the year 1934 is here contested. The sole issue before us is whether a certain gain of $5,000 was a capital gain, taxable accordingly, or an ordinary gain.
On March 26, 1930, the Apperson Realty Corporation negotiated a loan from petitioner in the net amount of $225,000, agreeing to pay a bonus of $22,500, the corporation, under that date, giving a bond and mortgage for the aggregate of those sums or $247,500, with interest at 6 percent. The money was paid by petitioner, the bonus repaid to her, and from time to time through 1930,…
2Cited by12 opinions
- Miller v. CommissionerUnited States Tax Court · 1959
- Rieger v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1943
- Graham v. CommissionerUnited States Tax Court · 1961
- Jamison v. United StatesDistrict Court, N.D. California · 1968
- Greenvine Corp. v. CommissionerUnited States Tax Court · 1963
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