Pittsburgh Laundry, Inc. v. Commissioner
United States Board of Tax Appeals
Petitioner purchased and sold some of its own common stock, partly because of a desire to use the proceeds to purchase its preferred stock. The proceeds were so used, but the preferred stock has been retained, uncanceled, as treasury stock. Held, petitioner realized taxable gain on the purchase and sale of its common stock.
1Opinion of the Court
PITTSBURGH LAUNDRY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Pittsburgh Laundry, Inc. v. Commissioner
Docket No. 105506.
United States Board of Tax Appeals
47 B.T.A. 230; 1942 BTA LEXIS 714;
June 30, 1942, Promulgated
Petitioner purchased and sold some of its own common stock, partly because of a desire to use the proceeds to purchase its preferred stock. The proceeds were so used, but the preferred stock has been retained, uncanceled, as treasury stock. Held, petitioner realized taxable gain on the purchase and sale of its common stock.
John A. McCann, Esq., for the…
2Cases cited1 opinion
- Pittsburgh Laundry, Inc. v. CommissionerUnited States Board of Tax Appeals · 1942