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SPEAR BOX CO. INC. v. COMMISSIONER

Docket No. 17960.

13 T.C. 238 (1949)

SPEAR BOX CO. INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated August 23, 1949.

Attorney(s) appearing for the Case

Meyer Bernstein, Esq., and Joseph B. Kass, C. P. A., for the petitioner.

J. Richard Riggles, Jr., Esq., for the respondent.

The respondent determined deficiencies of $20,657.91 and $4,830.45 in the petitioner's income tax and declared value excess profits tax, respectively, for the year 1942.

The sole issue is whether or not the petitioner's acquisition of its own debenture bonds for cash and bonds of a creditor corporation at a cost less than their par value resulted in taxable income.

FINDINGS OF FACT.

Certain facts were stipulated...

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