Legal Opinion
Burnham v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided December 8, 1936No. 5937PublishedCited by 15 opinions
1Opinion of the Court
SPARKS, Circuit Judge.
This is an appeal from a decision of the Board of Tax Appeals, involving deductible losses under section 112(b) (3) of the Revenue Act of 1928 (26 U.S.C.A. § 112(b) (3) and note). Certain creditors of a corporation, which was undergoing recapitalization, were also its principal stockholders and held the company’s promissory note. They exchanged these notes for new- stock of the corporation. The Board held that they were not entitled to deduct as a loss the difference between the unpaid principal of the notes and the stipulated value of the new stock as of the date of the…
2Cases cited2 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Cortland Specialty Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1932
3Cited by15 opinions
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- Martin v. Chandis Securities Co.Court of Appeals for the Ninth Circuit · 1942
- Baker Commodities, Inc. v. CommissionerUnited States Tax Court · 1967
- Nye v. CommissionerUnited States Tax Court · 1968
- Camp Wolters Enterprises, Inc. v. CommissionerUnited States Tax Court · 1954
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