Schwartz v. Commissioner
United States Tax Court
Discount on non-interest-bearing bonds purchased in 1952 deemed ordinary income when recovered by redemption at maturity.
1Opinion of the Court
OPINION
ForresteR, Judge:
Respondent has determined a deficiency in petitioner’s income tax for the calendar year 1957 in the amount of $20,887.51. The only issue presented for our determination is whether increment on non-interest-bearing bonds purchased at a discount between December 25, 1944, and December 81, 1954, is taxable upon redemption at maturity as long-term capital gain or as ordinary income.
The material facts have been stipulated and are so found.
Petitioner is an individual residing in Plainfield, N.J. Pie filed an individual Federal income tax return for the year 1957 with the…
2Cases cited21 opinions
- Commissioner v. Gooch Milling & Elevator Co.Supreme Court of the United States · 1944
- Eli D. Goodstein v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Eli D. GoodsteinCourt of Appeals for the First Circuit · 1959
- Goodstein v. CommissionerUnited States Tax Court · 1958
- Schuster v. CommissionerCourt of Appeals for the Ninth Circuit · 1962
- The Lesavoy Foundation v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1956
16 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Dixon v. United StatesSupreme Court of the United States · 1965
- United States v. Midland-Ross Corp.Supreme Court of the United States · 1965
- Zuanich v. CommissionerUnited States Tax Court · 1981
- Bartel v. CommissionerUnited States Tax Court · 1970
- Bolnick v. CommissionerUnited States Tax Court · 1965
12 more not listed; retrieve them via the Exa API.