Marine Transport Co. v. Commissioner
United States Board of Tax Appeals
1. To the extent that it was in excess of the capital cost of destroyed property not then recovered tax free, an award of the Mixed Claims Commission was income to this taxpayer in 1928. 2. Interest included in an award by the Mixed Claims Commission is taxable income in the year in which it was received.
1Opinion of the Court
*567OPINION.
Lansdon:
The petitioners contend, first, that the award of the Mixed Claims Commission should not be taxed since it does not fall within the statutory1 and judicial2 definitions of income. Petitioners argue that the loss was total and final in 1917 and that at that time and for some years thereafter, the taxpayer had no legal basis for recoupment since this country was at war with Germany, and that the final award was an act of grace due to the action of our Government and in the nature of a gift. In our opinion there is no merit in this contention. In 1917 the taxpayer used its…
2Cases cited5 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- Riddle v. CommissionerUnited States Board of Tax Appeals · 1933
- Grand Rapids Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1929
- The ZealandiaDistrict Court, D. California · 1886
3Cited by5 opinions
- Cleveland v. CommissionerUnited States Board of Tax Appeals · 1933
- New Orleans Land Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Baboquivari Cattle Co. v. CommissionerUnited States Board of Tax Appeals · 1942
- Cleveland v. CommissionerUnited States Board of Tax Appeals · 1933
- Marine Transport Co. v. CommissionerUnited States Board of Tax Appeals · 1933