Ambassador Hotel Co. v. Commissioner
United States Tax Court
1. Excess Profits Tax Income -- Exclusion -- Profit on Purchase of Own Bonds -- Sec. 711 (a) (2) (E). -- Profits made by the petitioner on the purchase of its own bonds during the taxable year were excluded from excess profits net income under the provisions of section 711 (a) (2) (E). 2. Consents -- Corporate Seal -- Sec. 22 (b) (9). -- A consent under section 22 (b) (9) is not invalid because of the absence of the corporate seal, particularly where the consent was bound as…
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1. Excess Profits Tax Income -- Exclusion -- Profit on Purchase of Own Bonds -- Sec. 711 (a) (2) (E). -- Profits made by the petitioner on the purchase of its own bonds during the taxable year were excluded from excess profits net income under the provisions of section 711 (a) (2) (E). 2. Consents -- Corporate Seal -- Sec. 22 (b) (9). -- A consent under section 22 (b) (9) is not invalid because of the absence of the corporate seal, particularly where the consent was bound as a part of the return to which the seal was affixed, although the instructions on the back of the consent were that such…
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined deficiencies as follows for fiscal years ended January 31:
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The issues for decision are:(1) Whether profits on purchases by the petitioner of its own bonds should be included in excess profits income;(2) Whether consents filed by the petitioner under section 22 (b) (9) were sufficient to exclude from its gross income the income attributable to the discharge of its indebtedness;(3) Whether the net operating loss for the year ended in 1940 must be reduced by interest in the computation of the unused excess profits credit carry-over…
2Cases cited8 opinions
- Helvering v. Metropolitan Edison Co.Supreme Court of the United States · 1939
- New York Cent. R. Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1935
- Athens Roller Mills v. Com'r of Internal RevenueCourt of Appeals for the Sixth Circuit · 1943
- American Gas & Elec. Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1936
- Pictorial Printing Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1930
3 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Montgomery v. CommissionerUnited States Tax Court · 1975
- Ambassador Hotel Co. v. CommissionerUnited States Tax Court · 1959
- The Atchison, Topeka and Santa Fe Railroad Company v. The United States of AmericaCourt of Appeals for the Tenth Circuit · 1971
- Ambassador Hotel Company of Los Angeles, a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- Ambassador Hotel Co. v. CommissionerUnited States Tax Court · 1954
2 more not listed; retrieve them via the Exa API.