National Home Owners Service Corp. v. Commissioner
United States Board of Tax Appeals
GAIN AND LOSS; CORPORATION DEALING IN ITS OWN STOCK. - A regulation of the Commissioner provided that a corporation realizes no gain and sustains no loss from purchases and sales of its own stock. It was given the force of law through repeated reenactments by Congress of the definition of gross income.
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GAIN AND LOSS; CORPORATION DEALING IN ITS OWN STOCK. - A regulation of the Commissioner provided that a corporation realizes no gain and sustains no loss from purchases and sales of its own stock. It was given the force of law through repeated reenactments by Congress of the definition of gross income. The Commissioner changed the regulation by a Treasury decision dated one day prior to the enactment of the Revenue Act of 1934. Held, that the Treasury decision is not applicable and the petitioner realized no gain from sales of its own stock in 1934 and 1935.
1Opinion of the Court
NATIONAL HOME OWNERS SERVICE CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
National Home Owners Service Corp. v. Commissioner
Docket No. 91445.
United States Board of Tax Appeals
39 B.T.A. 753; 1939 BTA LEXIS 986;
April 12, 1939, Promulgated
GAIN AND LOSS; CORPORATION DEALING IN ITS OWN STOCK. - A regulation of the Commissioner provided that a corporation realizes no gain and sustains no loss from purchases and sales of its own stock. It was given the force of law through repeated reenactments by Congress of the definition of gross income. The Commissioner changed the…
2Cases cited5 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- First Chrold Corp. v. CommissionerSupreme Court of the United States · 1939
- National Home Owners Service Corp. v. CommissionerUnited States Board of Tax Appeals · 1939
- S. A. Woods Machine Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- R. J. Reynolds Tobacco Co. v. CommissionerUnited States Board of Tax Appeals · 1937