Cloquet Coop. Society v. Commissioner
United States Board of Tax Appeals
1. DEDUCTION - INTEREST. - The petitioner, a cooperative corporation, paid a fixed rate of 6 per cent on its shares of stock. Held, that such amounts constituted dividends and not interest on loans. 2. TAXES - ACCRUED. - Petitioner's taxes for the years 1924 and 1925, deductible from gross income, accrued in those years respectively. The petitioner kept its books and made its returns on the accrual basis.
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1. DEDUCTION - INTEREST. - The petitioner, a cooperative corporation, paid a fixed rate of 6 per cent on its shares of stock. Held, that such amounts constituted dividends and not interest on loans. 2. TAXES - ACCRUED. - Petitioner's taxes for the years 1924 and 1925, deductible from gross income, accrued in those years respectively. The petitioner kept its books and made its returns on the accrual basis. Held, that such taxes should be deducted in each of those years respectively.
1Opinion of the Court
CLOQUET CO-OPERATIVE SOCIETY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cloquet Coop. Society v. Commissioner
Docket Nos. 39021, 40942.
United States Board of Tax Appeals
21 B.T.A. 744; 1930 BTA LEXIS 1790;
December 17, 1930, Promulgated
1. DEDUCTION - INTEREST. - The petitioner, a cooperative corporation, paid a fixed rate of 6 per cent on its shares of stock. Held, that such amounts constituted dividends and not interest on loans.
2. TAXES - ACCRUED. - Petitioner's taxes for the years 1924 and 1925, deductible from gross income, accrued in those years respectively. The…
2Cases cited1 opinion
- Cloquet Coop. Society v. CommissionerUnited States Board of Tax Appeals · 1930