Kelly v. Commissioner
United States Board of Tax Appeals
Petitioner was a stockholder of a banking corporation organized in 1926 with a paid-in capital stock of $1,000,000 and a paid-in surplus of $500,000. Due to the large demand for money in 1929, the paid-in capital stock was increased to $4,000,000, and the paid-in surplus was increased to $3,500,000. Following the depression, the corporation found that it had more capital than it could profitably use; that it had about twice as much capital in relation to deposits as the…
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Petitioner was a stockholder of a banking corporation organized in 1926 with a paid-in capital stock of $1,000,000 and a paid-in surplus of $500,000. Due to the large demand for money in 1929, the paid-in capital stock was increased to $4,000,000, and the paid-in surplus was increased to $3,500,000. Following the depression, the corporation found that it had more capital than it could profitably use; that it had about twice as much capital in relation to deposits as the average of all banks in New York State; and that there was a substantial decrease in earnings due to a decrease in deposits,…
1Opinion of the Court
ORIE R. KELLY AND GRACE V. KELLY, HUSBAND AND WIFE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kelly v. Commissioner
Docket No. 79959.
United States Board of Tax Appeals
36 B.T.A. 507; 1937 BTA LEXIS 699;
September 8, 1937, Promulgated
Petitioner was a stockholder of a banking corporation organized in 1926 with a paid-in capital stock of $1,000,000 and a paid-in surplus of $500,000. Due to the large demand for money in 1929, the paid-in capital stock was increased to $4,000,000, and the paid-in surplus was increased to $3,500,000. Following the depression, the corporation found…
2Cases cited10 opinions
- Haft v. CommissionerUnited States Board of Tax Appeals · 1930
- Babson v. CommissionerUnited States Board of Tax Appeals · 1933
- Fuhlage v. CommissionerUnited States Board of Tax Appeals · 1935
- Bed Rock Petroleum Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Quinn v. CommissionerUnited States Board of Tax Appeals · 1937
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