Times Tribune Co. v. Commissioner
United States Tax Court
1. Excess Profits Tax -- Equity Invested Capital -- Property Contributed -- Basis -- Section 718 (a) (2). -- The cancellation in a 77B reorganization of a part of the debts owed claimants, which part, at least, was worthless, can not increase equity invested capital under section 718 (a) (2). 2. Id. The issuance of preferred stock in a 77B reorganization for a percentage of the debts due claimants, held not to increase equity invested capital under section 718 (a) (2).
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined deficiences as follows:
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The only issue for decision is pleaded as follows:
The Commissioner erred in not allowing as part of invested capital the amount of $32,763.00, representing preferred stock paid in for property, and the amount of $132,730.00 as a contribution to capital.
The record consists of a stipulation of facts, various returns and consents of the petitioner, and an admittedly correct copy of the notice of deficiencies, all of which, so far as material hereto, are adopted as findings of fact.
The petitioner was…
2Cases cited9 opinions
- Old Mission Portland Cement Co. v. HelveringSupreme Court of the United States · 1934
- Bedell v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1929
- Old Mission P. Cement Co. v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1934
- Roche v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1933
- Crean Bros., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
4 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Petrovich Boscio v. Secretario de HaciendaSupreme Court of Puerto Rico · 1956
- Kenyatta Corp. v. CommissionerUnited States Tax Court · 1986
- Allen v. Comm'rUnited States Tax Court · 2006
- Waring v. CommissionerUnited States Tax Court · 1968
- Doll v. Comm'rUnited States Tax Court · 2005
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