Caroline Mills v. Commissioner
United States Board of Tax Appeals
Committees representing bondholders and shareholders of petitioner entered into an oral agreement that the bondholders would not foreclose on a deed of trust and that the shareholders would not pay dividends until past due bond interest had been paid. At a shareholders' meeting a resolution in which the agreement was recited was adopted. The minutes of the shareholders' meeting were approved by the board of directors of petitioner.
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Committees representing bondholders and shareholders of petitioner entered into an oral agreement that the bondholders would not foreclose on a deed of trust and that the shareholders would not pay dividends until past due bond interest had been paid. At a shareholders' meeting a resolution in which the agreement was recited was adopted. The minutes of the shareholders' meeting were approved by the board of directors of petitioner. Held, the minutes of the meeting of the shareholders did not constitute a "written contract executed by the corporation" and petitioner is not entitled to a credit…
1Opinion of the Court
CAROLINE MILLS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Caroline Mills v. Commissioner
Docket No. 100343.
United States Board of Tax Appeals
44 B.T.A. 379; 1941 BTA LEXIS 1340;
May 1, 1941, Promulgated
Committees representing bondholders and shareholders of petitioner entered into an oral agreement that the bondholders would not foreclose on a deed of trust and that the shareholders would not pay dividends until past due bond interest had been paid. At a shareholders' meeting a resolution in which the agreement was recited was adopted. The minutes of the shareholders' meeting…
2Cases cited1 opinion
- Caroline Mills v. CommissionerUnited States Board of Tax Appeals · 1941