Case Name: National Sugar Manufacturing Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1927-06-28
Citations: 7 B.T.A. 577
Docket Number: Docket No. 10605
Parties: National Sugar Manufacturing Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: Smith concurs in the dissent.
Reporter: Reports of the United States Board of Tax Appeals
Volume: 7
Pages: 577–579

Head Matter:
National Sugar Manufacturing Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 10605.
Promulgated June 28, 1927.
R. Dorsey Watkins, Esg., for the petitioner.
W. Frank Gibbs, Esg., for the respondent.

Opinion:
OPINION.
MillikeN:
The sole issue relates to the inclusion in income for the year 1917, of the purported gain realized from the purchase and retirement by petitioner of its own bonds. Upon the authority of the decisions in the Appeals of Independent Brewing Co., 4 B. T. A. 870, and New Orleans, Texas & Mexico Ry. Co., 6 B. T. A. 436, and Houston Belt & Terminal Ry. Co. v. Commissioner, 6 B. T. A. 1364, the inclusion in income of the amount set forth in the findings of fact was in error.
Judgment will be entered on 15 days' notice, under Bule 50.