1432 Broadway Corp. v. Commissioner of Internal Rev.

Second Circuit

1432 Broadway Corp. v. Commissioner of Internal Rev.

160 F.2d 885, 35 A.F.T.R. (P-H) 1064, 1947 U.S. App. LEXIS 3406

CourtCourt of Appeals for the Second Circuit

DecidedMarch 27, 1947

Docket20, Docket 20234

StatusPublished

Cited by58 cases

This text of 160 F.2d 885 (1432 Broadway Corp. v. Commissioner of Internal Rev.) is published on Counsel Stack Legal Research, covering Court of Appeals for the Second Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

1432 Broadway Corp. v. Commissioner of Internal Rev., 160 F.2d 885, 35 A.F.T.R. (P-H) 1064, 1947 U.S. App. LEXIS 3406 (2d Cir. 1947).

Pincite

Opinion

PER CURIAM.

The facts are stated in the opinion of the Tax Court, 4 T.C. 1158, and need not be here repeated. The issue presented was whether the taxpayer was entitled under section 23(b) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 23(b), to deduct interest accrued within the taxable years on its outstanding debentures. The Tax Court denied deduction on the ground that the evidence did not show that “the debentures were, or were intended ta be, evidences of indebtedness”; they were “more nearly like preferred stock than indebtedness.” These conclusions are not within the scope of our judicial review. John Kelley Co. v. Commissioner, 326 U. S. 521, 698, 66 S.Ct. 299; Elliott-Lewis Co. v. Commissioner, 3 Cir., 154 F.2d 292. We may add, however, that, if the question were open to us, we should reach the same result as did the Tax Court.

Order affirmed.

Free access — add to your briefcase to read the full text and ask questions with AI

PER CURIAM.

The facts are stated in the opinion of the Tax Court, 4 T.C. 1158, and need not be here repeated. The issue presented was whether the taxpayer was entitled under section 23(b) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 23(b), to deduct interest accrued within the taxable years on its outstanding debentures. The Tax Court denied deduction on the ground that the evidence did not show that “the debentures were, or were intended ta be, evidences of indebtedness”; they were “more nearly like preferred stock than indebtedness.” These conclusions are not within the scope of our judicial review. John Kelley Co. v. Commissioner, 326 U. S. 521, 698, 66 S.Ct. 299; Elliott-Lewis Co. v. Commissioner, 3 Cir., 154 F.2d 292. We may add, however, that, if the question were open to us, we should reach the same result as did the Tax Court.

Order affirmed.

Cite This Page — Counsel Stack

Bluebook (online)

160 F.2d 885, 35 A.F.T.R. (P-H) 1064, 1947 U.S. App. LEXIS 3406, Counsel Stack Legal Research, https://law.counselstack.com/opinion/1432-broadway-corp-v-commissioner-of-internal-rev-ca2-1947.

Opinion

Related

Cite This Page — Counsel Stack