¶1dissenting: The Board heretofore decided in this case that it had no jurisdiction because the alleged deficiency notice was not a deficiency notice within the meaning of section 274 of the Revenue Act of 1924. The Court of Appeals of the District of Columbia reversed the Board on this point and remanded the case. It thereafter developed that the petitioner was adjudicated a bankrupt on April 13, 1923. The taxes are for the year 1921. Section 282 (a) of the Revenue Act of 1926 applies. This question was not presented to the Court of Appeals, and in my opinion, we should hold that we have no jurisdiction because section 282 (a) provides that no petition for redetermination shall be filed with the Board after the adjudication of bankruptcy or the appointment of a receiver. Cf. Plains Buying & Selling Association, 5 B. T. A. 1147.
23 B.T.A. 521
McDonald v. Commissioner
United States Board of Tax Appeals
Decided May 29, 1931
United States Board of Tax Appeals · decided 1931-05-29
1. Petitioner was adjudicated a bankrupt in 1923. Held: that the discharge in bankruptcy does not bar assessment and collection of additional tax, if any, due for the year 1921. 2. Upon the evidence, held that certain stock received by petitioner in exchange for other property had no readily realizable market value and that no taxable gain was derived by petitioner from the transaction.
Cited by 2 later decisions — most recently September 1960
Relies on Plains Buying & Selling Asso. v. Commissioner
Good law ✅— No negative treatment on recordhow we know
Decided 1931-05-29
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