Davison-Joseph Campau Realty Co. v. Commissioner (A)
United States Board of Tax Appeals
1. For the purposes of the credit provided by section 26(c)(1) of the Revenue Act of 1936, a corporate bylaw is not a "written contract executed by the corporation." 2. Petitioner may deduct from gross income the actual amount of interest accrued on its indebtedness for the taxable year, despite a deduction of a lesser amount in its return.
1Opinion of the Court
*677OPINION.
Leech:
The two issues submitted are: (1) Whether petitioner is entitled to any credit under the Revenue Act of 1936, section 26 (c) (l),1 the amount of the credit not being contested, and (2) whether petitioner is entitled to deduct from gross income for the taxable year the actual amount of interest accrued on its indebtedness in that year, despite a deduction of a lesser amount on its return for the year.
The inquiry upon which decision of the first issue rests is whether the bylaw of the petitioner, quoted in the- findings of fact, supported by the quoted resolution of the directors,…
2Cases cited8 opinions
- New England Trust Co. v. AbbottMassachusetts Supreme Judicial Court · 1894
- Helvering v. Inter-Mountain Life InsuranceSupreme Court of the United States · 1935
- I. Townsend Burden v. BurdenNew York Court of Appeals · 1899
- Bushway Ice Cream Co. v. Fred H. Bean Co.Massachusetts Supreme Judicial Court · 1933
- Commonwealth v. VandegriftSupreme Court of Pennsylvania · 1911
3 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Supplee-Biddle Hardware Co. v. CommissionerCourt of Appeals for the Third Circuit · 1944
- Atlas Supply Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Davison-Joseph Campau Realty Co. v. Commissioner (A)United States Board of Tax Appeals · 1940
- McLean County Service Co. v. CommissionerUnited States Board of Tax Appeals · 1941