Cowell v. Commissioner
United States Board of Tax Appeals
1. The taxpayer owned a certificate of deposit payable after notice and surrender on or before one year from date which expressly provided that interest ceased at maturity. No interest was drawn. Held, since no right to interest accrued after the expiration of one year, interest after that time was not constructively received.
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1. The taxpayer owned a certificate of deposit payable after notice and surrender on or before one year from date which expressly provided that interest ceased at maturity. No interest was drawn. Held, since no right to interest accrued after the expiration of one year, interest after that time was not constructively received. Held, further, interest for one year from the date of the certificate was constructively received at the expiration thereof. 2. A contract was made for the complete reconditioning and general improvement of a hotel building, which included numerous small items of…
1Opinion of the Court
*1001OPINION.
SteRNIíagen:
The overassessments for 1922, attempted to be litigated in Docket Nos. 23378 and 23374, are not within the jurisdiction of the Board and are dismissed from consideration. Cornelius Cotton Mills, 4 B. T. A. 255.
The respondent has included in income for 1920, 1921, and 1923, as interest constructively received, amounts computed as interest upon the unpaid certificates of deposit covering both the period of one year prior to maturity and the years after maturity. All four of the certificates in question were dated April 10, 1919, ran for one year, and provided for interest at…
2Cited by12 opinions
- Joseph Merrick Jones and Eugenie Penick Jones v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- United States v. W. J. Wehrli and Helen B. WehrliCourt of Appeals for the Tenth Circuit · 1968
- Jerome S. Moss, Sandra Moss, Sharon M. Alesia, Herb Alpert, and Lani Alpert v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1987
- Buckland v. United StatesDistrict Court, D. Connecticut · 1946
- Norwest Corp. v. Comm'rUnited States Tax Court · 1997
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