Decatur Water Supply Co. v. Commissioner
United States Board of Tax Appeals
A private corporation, chartered under an act authorizing incorporation for pecuniary profit, received a share of the water rents collected from users of water furnished by a jointly owned waterworks.
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A private corporation, chartered under an act authorizing incorporation for pecuniary profit, received a share of the water rents collected from users of water furnished by a jointly owned waterworks. All of the amounts thus received by the petitioner were income to it despite the fact that it was required by its charter to use a portion of the funds in retiring its preferred stock, and despite the further fact that it was required to turn over its plant to the city, which owned the rest of the waterworks, when its preferred stock had been retired or when the city furnished it with a…
1Opinion of the Court
DECATUR WATER SUPPLY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Decatur Water Supply Co. v. Commissioner
Docket Nos. 68149, 72706.
United States Board of Tax Appeals
34 B.T.A. 290; 1936 BTA LEXIS 715;
April 9, 1936, Promulgated
A private corporation, chartered under an act authorizing incorporation for pecuniary profit, received a share of the water rents collected from users of water furnished by a jointly owned waterworks. All of the amounts thus received by the petitioner were income to it despite the fact that it was required by its charter to use a portion of the…
2Cases cited4 opinions
- Citizens Water Co. v. CommissionerUnited States Board of Tax Appeals · 1935
- Cleveland R. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Citizens Water Works, Inc. v. CommissionerUnited States Board of Tax Appeals · 1935
- Decatur Water Supply Co. v. CommissionerUnited States Board of Tax Appeals · 1936