Rockford Malleable Iron Works v. Commissioner
United States Board of Tax Appeals
1. Evidence held insufficient to establish March 1, 1913, value. 2. Where taxpayer keeps his books on the accrual basis and supplies, etc., are ordered before, but delivered after, the close of the fiscal year, accounts payable should be credited therefor and there should be an offsetting debit to inventory.
1Opinion of the Court
*818OPINION.
Green:
The taxpayer sought to prove the March 1, 1913, value of its depreciable assets by the introduction of a retrospective appraisal. *819As a preface to the summary of the appraisal the appraisal company attached the following statement:
In connection with our Detailed Retrospective Appraisal Report of your properties located at Rockford, Illinois, we submit herewith a Depreciated Summary based on and to be used in connection with said Detailed Report.
Reproductive Values March 1st, 1913, are taken from the Detailed Report. Annual Rates of Depreciation are based on estimated serviceable…
2Cited by13 opinions
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- Philadelphia Steel & Iron Corp. v. CommissionerUnited States Tax Court · 1964
- Waranch v. CommissionerUnited States Tax Court · 1989
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