Cosmopolitan Bond & Mortgage Co. v. Commissioner
United States Board of Tax Appeals
1. Where all income and expense accounts in petitioner's books of account were kept on the cash receipts and disbursements basis, and only one account therein showed discounts charged on loans made during the year, but only discounts actually received upon payment or sale of loans were treated as income, held that the petitioner was on the cash receipts and disbursements basis. 2. Part of petitioner's business consisted of making real estate loans on which it charged the…
Read the full summary
1. Where all income and expense accounts in petitioner's books of account were kept on the cash receipts and disbursements basis, and only one account therein showed discounts charged on loans made during the year, but only discounts actually received upon payment or sale of loans were treated as income, held that the petitioner was on the cash receipts and disbursements basis. 2. Part of petitioner's business consisted of making real estate loans on which it charged the borrower a commission in addition to the interest on the face value of the loans. This commission was deducted, along with…
1Opinion of the Court
COSMOPOLITAN BOND & MORTGAGE COMPANY (FORMERLY COSMOPOLITAN REAL ESTATE COMPANY), PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cosmopolitan Bond & Mortgage Co. v. Commissioner
Docket No. 44617.
United States Board of Tax Appeals
30 B.T.A. 717; 1934 BTA LEXIS 1277;
May 16, 1934, Promulgated
1. Where all income and expense accounts in petitioner's books of account were kept on the cash receipts and disbursements basis, and only one account therein showed discounts charged on loans made during the year, but only discounts actually received upon payment or sale of loans were treated as…
2Cases cited7 opinions
- Beaumont, Sour Lake & Western Railway Co. v. BeaumontSupreme Court of the United States · 1930
- Columbia State Sav. Bank v. CommissionerUnited States Board of Tax Appeals · 1929
- Appeal of First National Bank of StoughtonUnited States Board of Tax Appeals · 1925
- Bonded Mortgage Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1927
2 more not listed; retrieve them via the Exa API.