Kentucky River Coal Corp. v. Commissioner
United States Board of Tax Appeals
During the taxable year 1919 the taxpayer had outstanding debenture stock, preferred stock, and common stock. During the year "dividends" were paid upon the debenture stock.
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During the taxable year 1919 the taxpayer had outstanding debenture stock, preferred stock, and common stock. During the year "dividends" were paid upon the debenture stock. Held, upon the evidence, that the shares of debenture stock outstanding were not obligations of the taxpayer for money borrowed, and that the taxpayer was not entitled to deduct from gross income for the year 1919 the dividends paid upon the debenture stock, or an amount for amortized discount upon such stock.
1Opinion of the Court
APPEAL OF KENTUCKY RIVER COAL CORPORATION.
Kentucky River Coal Corp. v. Commissioner
Docket No. 2008.
United States Board of Tax Appeals
3 B.T.A. 644; 1926 BTA LEXIS 2608;
February 9, 1926, Decided Submitted April 30, 1925.
During the taxable year 1919 the taxpayer had outstanding debenture stock, preferred stock, and common stock. During the year "dividends" were paid upon the debenture stock. Held, upon the evidence, that the shares of debenture stock outstanding were not obligations of the taxpayer for money borrowed, and that the taxpayer was not entitled to deduct from gross income for the…
2Cases cited1 opinion
- Kentucky River Coal Corp. v. CommissionerUnited States Board of Tax Appeals · 1926