Pontarelli v. Commissioner
United States Board of Tax Appeals
Interest on bonds issued by a city for sewer improvement and payable solely from the city treasurer's collections on installments of assessments against the benefited property, held, interest on the obligations of a political subdivision of a state and exempt from tax under section 22(b)(4), Revenue Act of 1928.
1Opinion of the Court
*873OPINION.
Aenold :
Petitioner assails respondent’s determination that interest received by him on improvement bonds issued by the city of Chicago is subject to Federal income tax.
The city of Chicago is a municipal corporation and as such is a political subdivision of the State of Illinois, with power and authority to make local improvements and defray the cost thereof by special assessment upon contiguous property, or by general taxation or otherwise as it by ordinance may prescribe. It is authorized, for the purpose of anticipating collection of the second and succeeding installments of any…
2Cases cited10 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- United States v. Dakota-Montana Oil Co.Supreme Court of the United States · 1933
- Brush v. CommissionerSupreme Court of the United States · 1937
- Massachusetts Mutual Life Insurance v. United StatesSupreme Court of the United States · 1933
- Rothschild v. Village of Calumet ParkIllinois Supreme Court · 1932
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3Cited by10 opinions
- King v. CommissionerUnited States Tax Court · 1981
- Independent Gravel Co. v. CommissionerUnited States Tax Court · 1971
- Bekins v. CommissionerUnited States Board of Tax Appeals · 1938
- Carey-Reed Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- Heath v. CommissionerUnited States Board of Tax Appeals · 1938
5 more not listed; retrieve them via the Exa API.