Appeal of Illinois Rural Credit Ass'n
Cases that cite this one
3 later published cases cite this decision.
- RJ Reynolds Tobacco Co. v. Commissioner of Int. Rev. (4th Cir. 1938)
- Realty Bond & Mortgage Co. v. United States (Court of Claims 1936)
- Illinois Rural Credit Ass'n v. Commissioner (United States Board of Tax Appeals 1926)
This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.
Opinion of the Court
The issue in this appeal is whether the sum of $42,-950, or any part of it, which was paid by subscribers on account of their subscriptions to capital stock of the taxpayer, was income to the taxpayer.
The payments on account of the stock subscriptions, at the time they were made, were undoubtedly capital payments, being made to provide capital for the corporation, and were in its hands capital receipts as distinguished from income. The fact that payments were made in installments and stock was never issued for such payments, because they were not made to the full amount of the subscriptions, does not alter their character.
There is no deficiency and it will be so ordered.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.