Central Teresa Sugar Co. v. Commissioner
United States Board of Tax Appeals
1. Deduction, under the loss provision of the statute, disallowed of an amount paid out by a corporation in 1920 to a surety on certain of its trust notes to compensate him for an alleged loss of the amount of the enhancement in value, after its sale by the trustee, of certain shares of stock which the surety had pledged as collateral on the trust notes and which were sold by the trustee under the terms of the trust agreement upon default of the principal in the payment of…
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1. Deduction, under the loss provision of the statute, disallowed of an amount paid out by a corporation in 1920 to a surety on certain of its trust notes to compensate him for an alleged loss of the amount of the enhancement in value, after its sale by the trustee, of certain shares of stock which the surety had pledged as collateral on the trust notes and which were sold by the trustee under the terms of the trust agreement upon default of the principal in the payment of the trust notes. 2. Invested capital for the taxable year should be reduced by the amount paid out from the date of…
1Opinion of the Court
CENTRAL TERESA SUGAR CO. OF MARYLAND, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Central Teresa Sugar Co. v. Commissioner
Docket No. 14254.
United States Board of Tax Appeals
14 B.T.A. 270; 1928 BTA LEXIS 3002;
November 15, 1928, Promulgated
1. Deduction, under the loss provision of the statute, disallowed of an amount paid out by a corporation in 1920 to a surety on certain of its trust notes to compensate him for an alleged loss of the amount of the enhancement in value, after its sale by the trustee, of certain shares of stock which the surety had pledged as collateral on the…
2Cases cited2 opinions
- Central Teresa Sugar Co. of Maryland v. CommissionerUnited States Board of Tax Appeals · 1928
- Central Teresa Sugar Co. v. CommissionerUnited States Board of Tax Appeals · 1928