J. G. Curtis Leather Co. v. Commissioner
United States Board of Tax Appeals
1. The petitioner, on February 25, 1918, retired 2,000 shares of its preferred stock at $10 per share above par. Held, that the retirement having been made within the first 60 days of the taxable year, invested capital should be reduced by the full amount paid for the stock. 2. A liability for a breach of contract occuring in 1918, is not a proper deduction for that year where the taxpayer, although having knowledge of its liability to respond in damages for the breach, does…
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1. The petitioner, on February 25, 1918, retired 2,000 shares of its preferred stock at $10 per share above par. Held, that the retirement having been made within the first 60 days of the taxable year, invested capital should be reduced by the full amount paid for the stock. 2. A liability for a breach of contract occuring in 1918, is not a proper deduction for that year where the taxpayer, although having knowledge of its liability to respond in damages for the breach, does not admit liability to the injured party, or accrue it on its books during the taxable year. 3. The petitioner is…
1Opinion of the Court
J. G. CURTIS LEATHER CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
J. G. Curtis Leather Co. v. Commissioner
Docket No. 14397.
United States Board of Tax Appeals
13 B.T.A. 1259; 1928 BTA LEXIS 3085;
October 26, 1928, Promulgated
1. The petitioner, on February 25, 1918, retired 2,000 shares of its preferred stock at $10 per share above par. Held, that the retirement having been made within the first 60 days of the taxable year, invested capital should be reduced by the full amount paid for the stock.
2. A liability for a breach of contract occuring in 1918, is not a proper…
2Cases cited9 opinions
- L. S. Ayers & Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Simmons & Hammond Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Bump Confectionery Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Clearfield Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Hutchins Lumber & Storage Co. v. CommissionerUnited States Board of Tax Appeals · 1926
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