Legal Opinion
Preston v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided December 31, 1942No. 85PublishedCited by 21 opinions
1Opinion of the Court
SWAN, Circuit Judge.
The question presented is whether the petitioner in computing his taxable net income for the year 1937 is entitled, under section 23(b) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Code, § 23(b), to deduct as “interest paid * * * on indebtedness” payments made on a bond under seal by which he acknowledged himself indebted to United States Trust Company of New York as trustee in the sum of $125,000 and covenanted to pay said sum on October 15, 1954 with interest thereon at 4 per cent, per annum payable in quarterly instalments beginning on December 15, 1934.
Because of…
2Cases cited6 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Commissioner of Internal Revenue v. ParkCourt of Appeals for the Third Circuit · 1940
- Guaranty Trust Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1938
- United States Trust Co. v. PrestonAppellate Division of the Supreme Court of the State of New York · 1942
1 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Kraft Foods Company v. Commissioner of Internal Revenue, (Two Cases)Court of Appeals for the Second Circuit · 1956
- Guardian Investment Corporation v. Robert L. Phinney, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- United States v. Snyder Brothers CompanyCourt of Appeals for the Fifth Circuit · 1966
- United States v. Herbert W. Virgin, Jr.Court of Appeals for the Fifth Circuit · 1956
- United States v. J. Michael Maginnis Janet Y. MaginnisCourt of Appeals for the Ninth Circuit · 2004
16 more not listed; retrieve them via the Exa API.