Jones v. Commissioner
United States Board of Tax Appeals
1. Value of certain bonds received by the petitioner in the taxable year determined. 2. Prior to March 1, 1913, petitioners rendered services to a corporation as its officers.
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1. Value of certain bonds received by the petitioner in the taxable year determined. 2. Prior to March 1, 1913, petitioners rendered services to a corporation as its officers. It was at all times understood that salaries were to be paid for such services, but the amount thereof was not determined until 1920. In 1920 petitioners received full payment for all salaries earned from 1903 until January 1, 1920. Held, that the amounts so received, which represented salaries earned prior to March 1, 1913, were income in 1920.
1Opinion of the Court
*1050OPINION.
Lansdon:
The value of the bonds of the company at April 20, 1920, is the only question of fact in controversy here. The evidence shows that'some sales of such bonds, with all past due coupons attached, were made about that time at the price of $530 for each $1,000 bond. The bonds received by the petitioners had all interest coupons maturing before January 1, 1920, detached, and, obviously, were worth less than if they had carried all the overdue coupons. *1051The petitioners contend that each overdue coupon was worth its face value of $25, and that, as 15 such coupons had been detached, the…
2Cases cited6 opinions
- Lynch v. HornbySupreme Court of the United States · 1918
- Woods v. LewellynCourt of Appeals for the Third Circuit · 1918
- Hays v. Gauley Mountain Coal Co.Supreme Court of the United States · 1918
- Edwards v. KeithCourt of Appeals for the Second Circuit · 1916
- Jackson v. SmietankaCourt of Appeals for the Seventh Circuit · 1921
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Jones v. CommissionerUnited States Board of Tax Appeals · 1927