England v. Commissioner
United States Tax Court
1. Where petitioners kept no books and records and relied solely upon the statements and notices supplied to them by various banks, held, the books and records of the banks are not the petitioners' books and records and respondent correctly held petitioners are on a cash basis of accounting.
Read the full summary
1. Where petitioners kept no books and records and relied solely upon the statements and notices supplied to them by various banks, held, the books and records of the banks are not the petitioners' books and records and respondent correctly held petitioners are on a cash basis of accounting. Greengard v. Commissioner, 29 F. 2d 502 (C.A. 7), affirming 8 B.T.A. 734, followed. 2. Where petitioners, on a cash basis, executed and delivered their notes to creditors covering principal and interest owed to these creditors, held, petitioners could not deduct the amounts of the notes as interest paid.…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The first issue is whether respondent properly disallowed a deduction of $1T,032.60 as an interest expense under section 23(b).
At the hearing, respondent conceded that $968.58 of the above amount was actually paid as interest and is allowable as a deduction. Eespondent concedes on brief that $546.98 received in 1953 as a repayment on a loan to James Frayne was not income, and we have so found. Eespondent further concedes that petitioners are not liable for the addition to tax asserted under section 294(d)(2). These concessions will be given effect to under Eule 50.
Pet…
2Cases cited15 opinions
- Eckert v. BurnetSupreme Court of the United States · 1931
- Hart v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1932
- Brander v. CommissionerUnited States Board of Tax Appeals · 1925
- Speicher v. Comm'rUnited States Tax Court · 1957
- Hickman v. Comm'rUnited States Tax Court · 1958
10 more not listed; retrieve them via the Exa API.
3Cited by42 opinions
- Bixby v. CommissionerUnited States Tax Court · 1972
- Gajewski v. CommissionerUnited States Tax Court · 1976
- Estate of Mason v. CommissionerUnited States Tax Court · 1975
- Nat Harrison Assoc., Inc. v. CommissionerUnited States Tax Court · 1964
- Kotmair v. CommissionerUnited States Tax Court · 1986
37 more not listed; retrieve them via the Exa API.