Massachusetts Business Development Corp. v. Commissioner
United States Tax Court
T was incorporated in 1953 under a special act of the Massachusetts Legislature for the purpose of promoting the economy of the State by lending funds to businesses located in areas of underemployment that could not obtain financing from conventional sources.
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T was incorporated in 1953 under a special act of the Massachusetts Legislature for the purpose of promoting the economy of the State by lending funds to businesses located in areas of underemployment that could not obtain financing from conventional sources. From its inception through 1964, T made loans aggregating $ 34,812,000 and wrote off worthless debts in the net aggregate amount of $ 11,041. Its outstanding receivables at the close of 1960 were in the aggregate amount of $ 5,372,592 and its reserve for bad debts at that time was $ 293,991. Its receivables reached a level of $ 6,402,714…
1Opinion of the Court
Massachusetts Business Development Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent
Massachusetts Business Development Corp. v. Commissioner
Docket No. 6349-66
United States Tax Court
52 T.C. 946; 1969 U.S. Tax Ct. LEXIS 60;
September 11, 1969, Filed
Decision will be entered for the respondent.
T was incorporated in 1953 under a special act of the Massachusetts Legislature for the purpose of promoting the economy of the State by lending funds to businesses located in areas of underemployment that could not obtain financing from conventional sources. From its inception through…
2Cases cited16 opinions
- Brown v. HelveringSupreme Court of the United States · 1934
- Krim-Ko Corp. v. CommissionerUnited States Tax Court · 1951
- United States v. Haskel Engineering & Supply CompanyCourt of Appeals for the Ninth Circuit · 1967
- Roanoke Vending Exchange, Inc. v. CommissionerUnited States Tax Court · 1963
- R. Gsell & Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1961
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