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GT. W. POWER CO. v. COMM'R. OF INTERNAL REVENUE

No. 525.

297 U.S. 543 (1936)

GREAT WESTERN POWER COMPANY OF CALIFORNIA v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided March 16, 1936.

Attorney(s) appearing for the Case

Mr. Thomas R. Dempsey, with whom Mr. A. Calder Mackay was on the brief, for petitioner. Court.

Mr. John MacC. Hudson, with whom Solicitor General Reed, Assistant Attorney General Wideman, and Mr. Sewall Key were on the brief, for respondent.

MR. JUSTICE ROBERTS delivered the opinion of the Court.

The parties disagree as to petitioner's right to deduct from gross income for 1924 unamortized discount, premiums, and expenses paid and incurred in that year in connection with the retirement of certain bonds. The petitioner took the deduction in its income tax return. The respondent disallowed it and determined a deficiency. The petitioner appealed to the Board of...

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