Heath v. Commissioner
United States Board of Tax Appeals
1. Held, that the interest on bonds issued under the California Improvement Act of 1911, as amended, and under the California Improvement Act of 1915, as amended, is not includable in petitioner's gross income for tax purposes, since the bonds are obligations of the city under section 22(b)(4) of the Revenue Act of 1934, although payable exclusively out of a special fund; following Milo W. Bekins et al., Executors,38 B.T.A. 604. 2. Held, that the interest on bonds issued…
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1. Held, that the interest on bonds issued under the California Improvement Act of 1911, as amended, and under the California Improvement Act of 1915, as amended, is not includable in petitioner's gross income for tax purposes, since the bonds are obligations of the city under section 22(b)(4) of the Revenue Act of 1934, although payable exclusively out of a special fund; following Milo W. Bekins et al., Executors,38 B.T.A. 604. 2. Held, that the interest on bonds issued under the Road District Improvement Act of California of 1907, as amended, is likewise tax-exempt, since the bonds,…
1Opinion of the Court
HARRIET A. HEATH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Heath v. Commissioner
Docket No. 90599.
United States Board of Tax Appeals
38 B.T.A. 1127; 1938 BTA LEXIS 785;
November 9, 1938, Promulgated
1. Held, that the interest on bonds issued under the California Improvement Act of 1911, as amended, and under the California Improvement Act of 1915, as amended, is not includable in petitioner's gross income for tax purposes, since the bonds are obligations of the city under section 22(b)(4) of the Revenue Act of 1934, although payable exclusively out of a special fund; following…
2Cases cited4 opinions
- Pontarelli v. CommissionerUnited States Board of Tax Appeals · 1937
- Carey-Reed Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- Bekins v. CommissionerUnited States Board of Tax Appeals · 1938
- Heath v. CommissionerUnited States Board of Tax Appeals · 1938