OLD COLONY R. CO. v. COMMISSIONER

No. 349.

284 U.S. 552 (1932)

OLD COLONY RAILROAD CO. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided February 15, 1932.


Attorney(s) appearing for the Case

Mr. James S.Y. Ivins, with whom Mr Kingman Brewster was on the brief, for petitioner.

Assistant Attorney General Youngquist, with whom Solicitor General Thacher, and Messrs. Sewall Key, J. Louis Monarch, and Paul D. Miller were on the brief, for respondent.


Mr. JUSTICE ROBERTS delivered the opinion of the Court.

The Revenue Act of 1921 defines gross income as including gains, profits and income derived by the taxpayer from any source whatever, and provides that in computing net income of a corporation "all interest paid or accrued within the taxable year on its indebtedness" is deductible from such gross income. Treasury regulations promulgated under authority of the statute state that if

Let's get started

Leagle.com

Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.

  • Updated daily.
  • Uncompromising quality.
  • Complete, Accurate, Current.

Listed below are the cases that are cited in this Featured Case. Click the citation to see the full text of the cited case. Citations are also linked in the body of the Featured Case.

Cited Cases

  • No Cases Found

Listed below are those cases in which this Featured Case is cited. Click on the case name to see the full text of the citing case.

Citing Cases