Oregon-Washington Plywood Co. v. Commissioner
United States Tax Court
Excess Profits Credit -- Borrowed Invested Capital. -- Held, that a land purchase contract and so-called note executed pursuant thereto were conditional and that the obligation under such instruments was not an outstanding indebtedness evidenced by either a note or a mortgage, within the meaning of section 719 (a) (1), Internal Revenue Code.
1Opinion of the Court
OPINION.
Tietjens, Judge:
The issue presented is whether under the facts herein the petitioner had, during the years 1944 and 1945, an “outstanding indebtedness” which was “evidenced by” a “note” or “mortgage” within the meaning of section 719 (a) (1), Internal Eevenue Code.1 If so, there is no dispute as to the amounts to be included in the petitioner’s borrowed capital for those years.
The petitioner contends that, during 1944 and 1945, its obligation to pay the balance due on the agreed purchase price of timberland constituted an unconditional outstanding indebtedness which was evidenced by a…
2Cases cited10 opinions
- Journal Publishing Co. v. CommissionerUnited States Tax Court · 1944
- West Constr. Co. v. CommissionerUnited States Tax Court · 1946
- Flint Nortown Theatre Co. v. CommissionerUnited States Tax Court · 1945
- Bernard Realty Co. v. United StatesCourt of Appeals for the Seventh Circuit · 1951
- Consolidated Goldacres Co. v. CommissionerCourt of Appeals for the Tenth Circuit · 1947
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3Cited by1 opinion
- Oregon-Washington Plywood Co. v. CommissionerUnited States Tax Court · 1953