W. H. Hartman Co. v. Commissioner
United States Board of Tax Appeals
Petitioner in 1926 exchanged property held for productive use in its business for other property of a like kind for the same use and also paid a money difference between properties exchanged. Held, under section 203(b)(1) of the Revenue Act of 1926, no gain or loss is recognized.
1Opinion of the Court
*303OPINION.
MoeRis :
In determining the petitioner’s taxable income the respondent has added thereto $16,549, the difference between the allowance made by the Duplex Printing Press Co. upon the old press transferred to that company in part payment for the new press acquired by the petitioner, and the depreciated cost of said old press on January 1, 1926, to wit, the difference between $18,124 and $1,575.
In support and justification of his determination, the respondent cites and relies upon Cooper-Brannan Naval Stores Co., 9 B. T. A. 105; Ives Ice Cream Co., 15 B. T. A. 376; and Wallace G. Kay, 10…
2Cited by11 opinions
- Coupe v. Comm'rUnited States Tax Court · 1969
- Seiberling Rubber Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1948
- Hamilton v. CommissionerUnited States Board of Tax Appeals · 1934
- Bloomington Coca-Cola Bottling Co. v. CommissionerUnited States Tax Court · 1950
- Coupe v. Comm'rUnited States Tax Court · 1969
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