Harkness v. Commissioner
United States Board of Tax Appeals
1. The amount allowable as a deduction on account of charitable contributions under section 23(n) of the Revenue Act of 1928 is to be computed upon the entire net income without excluding capital net gains. Helvering v. Bliss,293 U.S. 144. 2. Dividends declared and payable in 1929 but not received by the petitioner stockholder until 1930 are taxable in the year of actual receipt where the petitioner made his returns on the cash receipts and disbursements basis.
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1. The amount allowable as a deduction on account of charitable contributions under section 23(n) of the Revenue Act of 1928 is to be computed upon the entire net income without excluding capital net gains. Helvering v. Bliss,293 U.S. 144. 2. Dividends declared and payable in 1929 but not received by the petitioner stockholder until 1930 are taxable in the year of actual receipt where the petitioner made his returns on the cash receipts and disbursements basis. Avery v. Commissioner,292 U.S. 210. 3. Rights to subscribe for convertible debenture bonds issued by a corporation to its…
1Opinion of the Court
*1101OPINION.
¡¡Smith :
These proceedings, which were consolidated for hearing, are for the redetermination of deficiencies in petitioners’ income taxes for 1929 and 1930 in amounts as follows:
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The issues involved in the several proceedings are as follows:(1) Whether in computing the deduction for charitable contributions capital net gains are to be included in the net income upon which the statutory 15 percent limitation is based. (This issue is common to all three proceedings and is the only issue in Docket No. 71311.)(2) Whether dividends declared and payable in 1929, but not…
2Cases cited3 opinions
- Helvering v. BlissSupreme Court of the United States · 1934
- Avery v. CommissionerSupreme Court of the United States · 1934
- United States v. WoodwardSupreme Court of the United States · 1921
3Cited by8 opinions
- Byrne v. CommissionerUnited States Tax Court · 1970
- Commissioner of Internal Revenue v. Maurice FoxCourt of Appeals for the Third Circuit · 1954
- Byrne v. CommissionerUnited States Tax Court · 1970
- Hannaford v. CommissionerUnited States Tax Court · 1960
- Harkness v. CommissionerUnited States Board of Tax Appeals · 1935
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