1432 BROADWAY CORPORATION
v.
COMMISSIONER OF INTERNAL REVENUE
PER CURIAM.
The facts are stated in the opinion of the Tax Court, 4 T.C. 1158, and need not be here repeated. The issue presented was whether the taxpayer was entitled under section 23(b) of the Internal Revenue Code, 26 U.S.C.A. Int.Rev.Code, § 23(b), to deduct interest accrued within the taxable years on its outstanding debentures. The Tax Court denied deduction on the ground that the evidence did not show that “the debentures were, or were intended ta be, evidences of indebtedness”; they were “more nearly like preferred stock than indebtedness.” These conclusions are not within the scope of our judicial review. John Kelley Co. v. Commissioner, 326 U. S. 521, 698, 66 S.Ct. 299; Elliott-Lewis Co. v. Commissioner, 3 Cir., 154 F. 2d 292. We may add, however, that, if the question were open to us, we should reach the same result as did the Tax Court.
Order affirmed.
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Benjamin D. and Madeline Prentice Gilbert v. Commissioner OF Internal Revenue, 248 F.2d 399 (2d Cir. 1957)
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Kraft Foods Co. v. Commissioner OF Internal Revenue, 232 F.2d 118 (2d Cir. 1956)
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Benjamin D. and Madeline Prentice Gilbert v. Commissioner OF Internal Revenue, 262 F.2d 512 (2d Cir. 1959)
Previewing 3 of 7 citing cases — full citator treatment, depth of discussion, and citing context are member features.
Join FLexlaw to unlock all legal intelligenceAuthorities Cited
- John Kelley Co. v. Commissioner of Internal Revenue, 326 U.S. 521 (U.S. 1946)
- Elliott-Lewis Co. v. Commissioner of Internal Revenue, 154 F.2d 292 (3d Cir. 1946)