West Missouri Power Co. v. Commissioner
United States Tax Court
In 1941, the State of Arkansas redeemed some of its refunding bonds which were received by petitioner in 1934 in substitution for some defaulted bonds which petitioner had acquired in prior years. Held, that a refunding of outstanding defaulted bonds of the State of Arkansas pursuant to a refunding state statute with provisions for the same face value of bonds and the same interest rate did not create a new debt but resulted in a continuation of the existing indebtedness.
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In 1941, the State of Arkansas redeemed some of its refunding bonds which were received by petitioner in 1934 in substitution for some defaulted bonds which petitioner had acquired in prior years. Held, that a refunding of outstanding defaulted bonds of the State of Arkansas pursuant to a refunding state statute with provisions for the same face value of bonds and the same interest rate did not create a new debt but resulted in a continuation of the existing indebtedness. Motor Products Corporation, 47 B. T. A. 983, affirmed per curiam 142 F. 2d 449. Held, further, that petitioner's surrender…
1Opinion of the Court
West Missouri Power Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
West Missouri Power Co. v. Commissioner
Docket No. 30230
United States Tax Court
18 T.C. 105; 1952 U.S. Tax Ct. LEXIS 216;
April 23, 1952, Promulgated
Decision will be entered under Rule 50.
In 1941, the State of Arkansas redeemed some of its refunding bonds which were received by petitioner in 1934 in substitution for some defaulted bonds which petitioner had acquired in prior years. Held, that a refunding of outstanding defaulted bonds of the State of Arkansas pursuant to a refunding state statute with…
2Cases cited6 opinions
- Bush v. MartineauSupreme Court of Arkansas · 1927
- Emery v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1948
- City Bank Farmers Trust Co. v. HoeyDistrict Court, S.D. New York · 1942
- Emery v. CommissionerUnited States Tax Court · 1947
- Girard Trust Co. v. United StatesCourt of Appeals for the Third Circuit · 1948
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