Brockway Glass Co. v. Commissioner
United States Board of Tax Appeals
1. A bond indenture obligated the petitioner to reserve out of earnings $5,000 per year to discharge bonds maturing in the taxable year.
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1. A bond indenture obligated the petitioner to reserve out of earnings $5,000 per year to discharge bonds maturing in the taxable year. This was not done in previous years, but in the taxable year petitioner received from dividends, and paid on the bonds approximately $20,000. Held, on the facts, that the Commissioner properly allowed credit under section 26(c)(2), Revenue Act of 1936, on only $5,000. 2. Held, that a capital stock tax return can not be amended after termination of filing period (William B. Scaife & Sons Co.,41 B.T.A. 278, followed); held, further, section 105, Revenue Act of…
1Opinion of the Court
*269OPINION.
Disney:
The parties present for consideration two questions: (1) Whether the petitioner is entitled to credit, under section 26 (c) (2) of the Revenue Act of 1936,1 in the amount of $23,160.31, instead of $5,000 allowed by the Commissioner; (2) whether capital stock value declared in an original return can be increased in amended return for error alleged in the value first declared. We shall consider the issues separately, in that order.
*2701. Was the petitioner entitled to credit for more than the $5,000 allowed by the respondent, under the language of the trust indenture and the terms of…
2Cases cited3 opinions
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
3Cited by6 opinions
- Rogan v. Walter Wanger Pictures, Inc.Court of Appeals for the Ninth Circuit · 1944
- Scofield v. Valley Pipe Line Co.Court of Appeals for the Fifth Circuit · 1943
- Brockway Glass Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Hugh Hodges Drilling Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Paris & M. P. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1942
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