Edison Bros. Stores, Inc. v. Commissioner
United States Board of Tax Appeals
1. In the sale, in 1935, to certain of its employees, at a price in excess of cost, of shares of its own stock, reacquired for that purpose, petitioner is held to have realized no taxable gain.
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1. In the sale, in 1935, to certain of its employees, at a price in excess of cost, of shares of its own stock, reacquired for that purpose, petitioner is held to have realized no taxable gain. National Home Owners Service Corporation,39 B.T.A. 753; and R. C. Reynolds, Inc.,44 B.T.A. 356, followed; held, further, that with respect to similar sales by petitioner in 1937, the gain realized is subject to tax, Trinity Corporation,44 B.T.A. 1219; and Brown Shoe Co.,45 B.T.A. 212, followed. 2. Where petitioner in 1935 paid an indebtedness of $3,000 for services rendered it in carrying on business,…
1Opinion of the Court
EDISON BROTHERS STORES, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Edison Bros. Stores, Inc. v. Commissioner
Docket Nos. 104424, 104425.
United States Board of Tax Appeals
45 B.T.A. 472; 1941 BTA LEXIS 1118;
October 24, 1941, Promulgated
1. In the sale, in 1935, to certain of its employees, at a price in excess of cost, of shares of its own stock, reacquired for that purpose, petitioner is held to have realized no taxable gain. National Home Owners Service Corporation,39 B.T.A. 753; and R. C. Reynolds, Inc.,44 B.T.A. 356, followed; held, further, that with respect to similar…
2Cases cited4 opinions
- National Home Owners Service Corp. v. CommissionerUnited States Board of Tax Appeals · 1939
- Trinity Corp. v. CommissionerUnited States Board of Tax Appeals · 1941
- Brown Shoe Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Edison Bros. Stores, Inc. v. CommissionerUnited States Board of Tax Appeals · 1941