Amalgamated Housing Corp. v. Commissioner
United States Board of Tax Appeals
1. A limited dividend housing corporation, organized under the New York Housing Law, which chose to have all of its common stock owned by tenants and had preferred stock outstanding in the hands of nontenants, does not escape income tax either as an instrumentality of the State of New York engaged in an essential governmental function or as "a civic league or organization not organized for profit but operated exclusively for the promotion of social welfare."
Read the full summary
1. A limited dividend housing corporation, organized under the New York Housing Law, which chose to have all of its common stock owned by tenants and had preferred stock outstanding in the hands of nontenants, does not escape income tax either as an instrumentality of the State of New York engaged in an essential governmental function or as "a civic league or organization not organized for profit but operated exclusively for the promotion of social welfare." Sec. 103(8), Revenue Acts of 1928 and 1932. 2. The accrual method does not permit the deduction of amounts in anticipation of the cost…
1Opinion of the Court
AMALGAMATED HOUSING CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
AMALGAMATED DWELLINGS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Amalgamated Housing Corp. v. Commissioner
Docket Nos. 80686, 80780.
United States Board of Tax Appeals
37 B.T.A. 817; 1938 BTA LEXIS 980;
May 10, 1938, Promulgated
1. A limited dividend housing corporation, organized under the New York Housing Law, which chose to have all of its common stock owned by tenants and had preferred stock outstanding in the hands of nontenants, does not escape income tax either as an…
2Cases cited1 opinion
- Amalgamated Housing Corp. v. CommissionerUnited States Board of Tax Appeals · 1938