Kirby Lumber Co. v. Commissioner

Board of Tax Appeals

Kirby Lumber Co. v. Commissioner

19 B.T.A. 1046, 1930 BTA LEXIS 2273

CourtUnited States Board of Tax Appeals

DecidedMay 21, 1930

DocketDocket No. 44954.

StatusPublished

Cited by1 cases

This text of 19 B.T.A. 1046 (Kirby Lumber Co. v. Commissioner) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Kirby Lumber Co. v. Commissioner, 19 B.T.A. 1046, 1930 BTA LEXIS 2273 (bta 1930).

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Opinion

[1049]*1049OPINION.

Trammell:

Upon the authority of our decisions in Independent Brewing Co., 4 B. T. A. 870; New Orleans, Texas & Mexico By. Co., 6 B. T. A. 436; Douglas County Light & Water Co., 14 B. T. A 1052; and North American Mortgage Co., 18 B. T. A. 418, the inclusion in the income of the petitioner for the respective years of the amounts set forth in our findings of fact as the difference between the price at which the petitioner purchased and retired its bonds and the price at which it issued them was in error. In a redetermination of the petitioner’s tax liability proper adjustment should be made in the amount of the net loss for 1924 as a result of the inclusion in income for that year of the difference between the price at which the bonds retired in such year were issued by the petitioner and the price at which the petitioner purchased them.

Judgment will he entered wnder Rule 50.

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[1049]*1049OPINION.

Trammell:

Upon the authority of our decisions in Independent Brewing Co., 4 B. T. A. 870; New Orleans, Texas & Mexico By. Co., 6 B. T. A. 436; Douglas County Light & Water Co., 14 B. T. A 1052; and North American Mortgage Co., 18 B. T. A. 418, the inclusion in the income of the petitioner for the respective years of the amounts set forth in our findings of fact as the difference between the price at which the petitioner purchased and retired its bonds and the price at which it issued them was in error. In a redetermination of the petitioner’s tax liability proper adjustment should be made in the amount of the net loss for 1924 as a result of the inclusion in income for that year of the difference between the price at which the bonds retired in such year were issued by the petitioner and the price at which the petitioner purchased them.

Judgment will he entered wnder Rule 50.

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19 B.T.A. 1046, 1930 BTA LEXIS 2273, Counsel Stack Legal Research, https://law.counselstack.com/opinion/kirby-lumber-co-v-commissioner-bta-1930.

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