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BOWERSOCK MILLS & POWER CO. v. COMMISSIONER OF INT. REV.

No. 3673.

172 F.2d 904 (1949)

BOWERSOCK MILLS & POWER CO. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Tenth Circuit.

February 9, 1949.

Attorney(s) appearing for the Case

John G. Madden, of Kansas City, Mo. (James E. Burke and Frank Brockus, both of Kansas City, Mo., on the brief), for petitioner.

S. Dee Hanson, of Washington, D. C. (Theron Lamar Caudle, George A. Stinson, Ellis Slack and Fred E. Youngman, all of Washington, D. C., on the brief), for respondent.

Before PHILLIPS, Chief Judge, HUXMAN and MURRAH, Circuit Judges.

MURRAH, Circuit Judge.

The only question presented by this appeal is whether, for income tax purposes, an item of $18,000.00 paid by the petitioner, taxpayer, as "preferred stock interest" during the taxable year 1943, was interest on indebtedness, hence deductible under Section 23(b) of the Internal Revenue Code,1 or dividends on stock and subject to tax. This item was not claimed in the income tax return for the year 1943, but was later...

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