Legal Opinion
Carroll-McCreary Co. v. Commissioner of Internal Rev.
Court of Appeals for the Second Circuit
Decided December 30, 1941No. 56PublishedCited by 26 opinions
1Opinion of the Court
SWAN, Circuit Judge.
The primary issue presented by this appeal is whether the petitioner realized taxable income in 1934 from the cancellation by its officers, who were also its shareholders, of debts owed to them for unpaid salaries of prior years. If this issue be decided adversely to the petitioner, a question is raised as to the amount of such income, in view of the petitioner’s insolvency before cancellation of the debts; and a further question as to whether the Board erred in refusing to consider evidence presented on a Rule 50 computation hearing.
There is no dispute as to the facts.…
2Cases cited10 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Maryland Casualty Co. v. United StatesSupreme Court of the United States · 1920
- Helvering v. American Chicle Co.Supreme Court of the United States · 1934
- Commissioner of Internal Revenue v. Liberty Bank & Trust Co.Court of Appeals for the Sixth Circuit · 1932
- Chicago, RI & P. Ry. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1931
5 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Putoma Corp. v. CommissionerUnited States Tax Court · 1976
- Putoma Corp., Successor by Merger of Pro-Mac Company, Petitioners- Cross-Appellants v. Commissioner of Internal Revenue, Cross-AppelleeCourt of Appeals for the Fifth Circuit · 1979
- Vincent C. Giblin v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Lidgerwood Manufacturing Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1956
- O. D. Bratton v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1954
21 more not listed; retrieve them via the Exa API.