Oregon City Mfg. Co. v. Commissioner
United States Board of Tax Appeals
Credit under section 26(c)(1) and (2), Revenue Act of 1936, not allowed where indenture of trust to secure an issue of bonds simply requires the petitioner to accumulate its net earnings until the operating capital of the company reaches the amount of $175,000.
1Opinion of the Court
OREGON CITY MANUFACTURING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Oregon City Mfg. Co. v. Commissioner
Docket Nos. 96523, 96538.
United States Board of Tax Appeals
43 B.T.A. 212; 1940 BTA LEXIS 836;
December 31, 1940, Promulgated
Credit under section 26(c)(1) and (2), Revenue Act of 1936, not allowed where indenture of trust to secure an issue of bonds simply requires the petitioner to accumulate its net earnings until the operating capital of the company reaches the amount of $175,000.
William C. McCulloch, Esq., Andrew B. Winfree, Esq., and Herbert W. Winfree, Esq.,…
2Cases cited1 opinion
- Oregon City Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1940