Menihan v. Commissioner
United States Board of Tax Appeals
LOSSES - PAYMENTS MADE IN COMPROMISE OF LIABILITIES UNDER CONTRACTS OF GUARANTY AND ENDORSEMENT. - Petitioner was sole stockholder of a corporation which in 1924 became insolvent and went into the hands of a creditiors' committee, with a large aggregate indebtedness of which petitioner was either guarantor or endorser to the extent of $655,695.14. Petitioner transferred all his stock to the creditiors' committee to be held by it under a voting trust agreement, and the…
Read the full summary
LOSSES - PAYMENTS MADE IN COMPROMISE OF LIABILITIES UNDER CONTRACTS OF GUARANTY AND ENDORSEMENT. - Petitioner was sole stockholder of a corporation which in 1924 became insolvent and went into the hands of a creditiors' committee, with a large aggregate indebtedness of which petitioner was either guarantor or endorser to the extent of $655,695.14. Petitioner transferred all his stock to the creditiors' committee to be held by it under a voting trust agreement, and the creditors took charge of the corporation, retaining petitioner as manager. The debts of the corporation were compromised and…
1Opinion of the Court
JEREMIAH G. MENIHAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Menihan v. Commissioner
Docket No. 47865.
United States Board of Tax Appeals
29 B.T.A. 169; 1933 BTA LEXIS 986;
October 26, 1933, Promulgated
LOSSES - PAYMENTS MADE IN COMPROMISE OF LIABILITIES UNDER CONTRACTS OF GUARANTY AND ENDORSEMENT. - Petitioner was sole stockholder of a corporation which in 1924 became insolvent and went into the hands of a creditiors' committee, with a large aggregate indebtedness of which petitioner was either guarantor or endorser to the extent of $655,695.14. Petitioner transferred all his…
2Cases cited1 opinion
- Menihan v. CommissionerUnited States Board of Tax Appeals · 1933