Illinois Rural Credit Ass'n v. Commissioner
United States Board of Tax Appeals
Subscribers to capital stock, after making partial payment on their subscriptions, defaulted in meeting the remaining payments due. The stock so subscribed for, together with payments then made, was declared forfeited to the corporation, but with the privilege to the subscribers to re-subscribe and thereby receive credit for the payments declared forfeited. Held, the payments declared forfeited are not income to the corporation.
1Opinion of the Court
APPEAL OF ILLINOIS RURAL CREDIT ASSOCIATION.
Illinois Rural Credit Ass'n v. Commissioner
Docket No. 5058.
United States Board of Tax Appeals
3 B.T.A. 1178; 1926 BTA LEXIS 2466;
April 3, 1926, Decided Submitted December 11, 1925.
Subscribers to capital stock, after making partial payment on their subscriptions, defaulted in meeting the remaining payments due. The stock so subscribed for, together with payments then made, was declared forfeited to the corporation, but with the privilege to the subscribers to re-subscribe and thereby receive credit for the payments declared forfeited. Held, the…
2Cases cited1 opinion
- Appeal of Illinois Rural Credit Ass'nUnited States Board of Tax Appeals · 1926