O. P. P. Holding Corp. v. Commissioner
United States Board of Tax Appeals
An instrument issued by the petitioner corporation and denominated a debenture bond, which contains a promise to pay a particular sum to a named obligee or registered assigns at a specified time of maturity, which is stated to be subordinate, both as to principal and interest, to the claims of all creditors, but which does not confer upon the holder a part ownership of the assets and gives him no right to participate in the management of the corporation or to share in the…
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An instrument issued by the petitioner corporation and denominated a debenture bond, which contains a promise to pay a particular sum to a named obligee or registered assigns at a specified time of maturity, which is stated to be subordinate, both as to principal and interest, to the claims of all creditors, but which does not confer upon the holder a part ownership of the assets and gives him no right to participate in the management of the corporation or to share in the distribution of net assets on the liquidation of the corporation, constitutes a certificate of indebtedness; and the…
1Opinion of the Court
OPINION.
Matthews ;
This proceeding is for the redetermination of a deficiency in income tax asserted against the petitioner for the fiscal year ended July 31, 1930, in the amount of $2,664.18. It is alleged in the petition that the respondent erred in failing to allow as a deduction for the taxable year interest paid on debenture bonds in the sum of $20,000. The notice of deficiency discloses that the deduction claimed by the petitioner was disallowed by the respondent for the reason that “ this item represents a dividend and not deductible interest paid on bonds which were máre of the nature…
2Cases cited8 opinions
- Warren v. KingSupreme Court of the United States · 1883
- In re Fechheimer Fisher Co.Court of Appeals for the Second Circuit · 1914
- H. R. De Milt Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- Kentucky River Coal Corp. v. CommissionerUnited States Board of Tax Appeals · 1926
- Angelus Bldg. & Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1930
3 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Monon Railroad v. CommissionerUnited States Tax Court · 1970
- Clyman v. CommissionerUnited States Tax Court · 1977
- Crown Iron Works Co. v. CommissionerUnited States Tax Court · 1956
- H. E. Fletcher Co. v. Comm'rUnited States Tax Court · 1951
- Idaho Lumber & Hardware Co. v. CommissionerUnited States Tax Court · 1945
7 more not listed; retrieve them via the Exa API.