Emery v. Commissioner
United States Tax Court
1. The city of Philadelphia offered to exchange new bonds for outstanding bonds, representing a part of its indebtedness, under a refinancing plan whereby the exchange was optional with the bondholder and was subject to a fee of 1 per cent of the face value of the bond. The new bond was of a face value equal to that of the old bond, but had different maturity and call dates and bore a lesser rate of interest after a date fixed by the first call date of the old bond.
Read the full summary
1. The city of Philadelphia offered to exchange new bonds for outstanding bonds, representing a part of its indebtedness, under a refinancing plan whereby the exchange was optional with the bondholder and was subject to a fee of 1 per cent of the face value of the bond. The new bond was of a face value equal to that of the old bond, but had different maturity and call dates and bore a lesser rate of interest after a date fixed by the first call date of the old bond. Some old bonds remained outstanding and were sold on the market at prices differing from those at which new bonds were sold.…
1Opinion of the Court
OPINION.
Johnson, Judge:
The Commissioner determined a deficiency of $983.88 in petitioner’s income tax for 1941 by adjustments not in controversy. In an amended petition petitioner asserts that he erroneously reported gains and losses from exchanges of bonds of the city of Philadelphia for refunding bonds of like amount issued by the city, and contends that the exchanges were nontaxable transactions because the old and new certificates represented the same property or because they were made in the course of a reorganization as defined in section 112, Internal Revenue Code. Other assignments of…
2Cases cited6 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Weiss v. StearnSupreme Court of the United States · 1924
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- Watson v. CommissionerUnited States Tax Court · 1947
1 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Federal Nat'l Mortg. Asso. v. CommissionerUnited States Tax Court · 1988
- G.M. Trading Corp. v. CommissionerUnited States Tax Court · 1994
- West Missouri Power Co. v. CommissionerUnited States Tax Court · 1952
- Emery v. CommissionerUnited States Tax Court · 1947
- Federal Nat'l Mortg. Asso. v. CommissionerUnited States Tax Court · 1988
3 more not listed; retrieve them via the Exa API.