Riverview State Bank v. Commissioner
United States Tax Court
Interest on special tax bills issued by the city of Kansas City, Kansas, which was levied and assessed by the city as a tax and was payable to the holders of the tax bills by the city but was not payable out of the general funds of the city, held, tax exempt as interest upon the obligations of a political subdivision of the state.
1Opinion of the Court
OPINION.
Smith, Judge:
This proceeding involves income and excess profits tax deficiencies for 1938 and 1939 as follows:
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The issue for our determination is whether the interest payments which petitioner received during the taxable years on special tax bills issued by the city of Kansas City, Kansas, are exempt from taxation as interest upon the obligations of a political subdivision of the State of Kansas. The material facts pertaining to this issue have been stipulated.-
It has also been stipulated that petitioner is entitled to a loss deduction in 1939 of $3,910.73 representing…
2Cases cited1 opinion
- District Bond Co. v. CommissionerUnited States Tax Court · 1943
3Cited by9 opinions
- Clay Drilling Co. v. CommissionerUnited States Tax Court · 1946
- White v. CommissionerUnited States Tax Court · 1944
- Wilson v. CommissionerUnited States Tax Court · 1969
- Independent Gravel Co. v. CommissionerUnited States Tax Court · 1971
- Clay Drilling Co. v. CommissionerUnited States Tax Court · 1946
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