Fitch v. Commissioner
United States Board of Tax Appeals
Where a corporation canceled certain indebtedness of its president and principal stockholder at a time when it had a substantial surplus and when the debtor was solvent, it is held that the amount of such canceled indebtedness is taxable to the debtor as a dividend.
1Opinion of the Court
F. W. FITCH, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Fitch v. Commissioner
Docket No. 45552.
United States Board of Tax Appeals
27 B.T.A. 615; 1933 BTA LEXIS 1335;
January 31, 1933, Promulgated
Where a corporation canceled certain indebtedness of its president and principal stockholder at a time when it had a substantial surplus and when the debtor was solvent, it is held that the amount of such canceled indebtedness is taxable to the debtor as a dividend.
J. G. Gamble, Esq., for the petitioner.
J. R. Johnston, Esq., for the respondent.
LANSDON
OPINION.
LANSDON: The respondent has…
2Cases cited1 opinion
- Fitch v. CommissionerUnited States Board of Tax Appeals · 1933