Werner v. Commissioner
United States Board of Tax Appeals
The redemption of bonds at a "called" date for an amount in excess of cost of the bonds to the bondholders results in a gain from the sale or exchange of capital assets within the meaning of section 206 of the Revenue Act of 1921.
1Opinion of the Court
OPINION.
Littleton :
The parties have stipulated that a profit of $2,130 was realized in the redemption of certain bonds, and the only issue to be decided is whether the action of the Commissioner was correct in denying to the petitioner the right of election to have the tax on this gain computed under the provisions of section 206 of the Revenue Act of 1921, which provides for a tax on “ capital gain ” realized on *484the “ sale or exchange of capital assets ” at a different rate than that applicable to ordinary income.
The terms “ capital gain ” and “ capital assets ” are defined in section 206 as…
2Cited by10 opinions
- Harold Wener v. Commissioner of Internal Revenue, Molly Wener v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1957
- United States v. FairbanksCourt of Appeals for the Ninth Circuit · 1938
- Jamison v. United StatesDistrict Court, N.D. California · 1968
- Averill v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1938
- Yates v. McGowanDistrict Court, W.D. New York · 1941
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