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GREAT WESTERN POWER CO. V. COMMISSIONER, 297 U. S. 543 (1936)

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U.S. Supreme Court

Great Western Power Co. v. Commissioner, 297 U.S. 543 (1936)

Great Western Power Company of California v.

Commissioner of Internal Revenue

No. 525

Argued March 5, 1936

Decided March 16, 1936

297 U.S. 543

Syllabus

Under § 234(a), Revenue Act of 1924, and Treasury Regulations 65, Art. 545, § 3, where bonds of a corporation, sold at a discount, are retired by exchanging for them bond of another issue and paying a premium, the unamortized discount and expense of issuance allocable to the retired bonds, and the premium paid and expense incurred in the exchange, are part of the cost of obtaining the loan and, for the purpose of deduction in income accounting, should be amortized over the term of the bonds delivered in the exchange. P. 297 U. S. 546.

79 F.2d 94 affirmed.

Certiorari, 296 U.S. 568, to review a judgment reversing a decision of the Board of Tax Appeals, 30 B.T.A. .503, which overruled the Commissioner of Internal Revenue in respect of the disallowance of deductions in the Power Company's income tax return.





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