Waggaman v. Commissioner
United States Board of Tax Appeals
1. Where a corporation canceled certain notes of its principal stockholders, which had been transferred to it in part payment of its capital stock, the amounts of the canceled debts are dividends and not tax-free gifts. 2. Where petitioners filed tax returns, to which were attached consents in writing waiving limitation, and did not question their authenticity, they will be accepted as part of the record and given effect accordingly.
1Opinion of the Court
ENNALLS WAGGAMAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
FLOYD P. WAGGAMAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Waggaman v. Commissioner
Docket Nos. 61244, 61245.
United States Board of Tax Appeals
29 B.T.A. 473; 1933 BTA LEXIS 936;
November 29, 1933, Promulgated
1. Where a corporation canceled certain notes of its principal stockholders, which had been transferred to it in part payment of its capital stock, the amounts of the canceled debts are dividends and not tax-free gifts.
2. Where petitioners filed tax returns, to which were attached consents in…
2Cases cited1 opinion
- Waggaman v. CommissionerUnited States Board of Tax Appeals · 1933