Consolidated Gas Co. v. Commissioner
United States Board of Tax Appeals
1. If a corporation purchases and retires any of its bonds at a price less than the issuing price, the excess of the issuing price over the purchase price is gain or income for the taxable year. 2. Where a taxpayer keeping its books on an accrual basis, acquired certain of its own bonds with interest coupons attached thereto, the excess of the face value of the coupons over the amount paid for them is taxable as income.
1Opinion of the Court
THE CONSOLIDATED GAS COMPANY OF THE CITY OF PITTSBURGH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Consolidated Gas Co. v. Commissioner
Docket No. 29050.
United States Board of Tax Appeals
24 B.T.A. 901; 1931 BTA LEXIS 1577;
November 24, 1931, Promulgated
1. If a corporation purchases and retires any of its bonds at a price less than the issuing price, the excess of the issuing price over the purchase price is gain or income for the taxable year.
2. Where a taxpayer keeping its books on an accrual basis, acquired certain of its own bonds with interest coupons attached thereto, the…
2Cases cited1 opinion
- Consolidated Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1931