U. S. Industrial Alcohol Co. v. Commissioner
United States Board of Tax Appeals
1. Contracts passing to petitioner along with other assets and good will upon its purchase of going concern, which contracts called for sale of the concern's product at prices not above market, which were not customarily enforced, and to which no part of the purchase price was formally allocated, held, on the facts, not to justify deductions for exhaustion claimed on the ground that such contracts expired by the end of the tax year. 2. Drums used by petitioner to ship its…
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1. Contracts passing to petitioner along with other assets and good will upon its purchase of going concern, which contracts called for sale of the concern's product at prices not above market, which were not customarily enforced, and to which no part of the purchase price was formally allocated, held, on the facts, not to justify deductions for exhaustion claimed on the ground that such contracts expired by the end of the tax year. 2. Drums used by petitioner to ship its product, for which a charge was made to the customer upon shipment accompanied by a corresponding credit upon return and…
1Opinion of the Court
U.S. INDUSTRIAL ALCOHOL COMPANY (WEST VIRGINIA), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
U. S. Industrial Alcohol Co. v. Commissioner
Docket Nos. 90713, 90714.
United States Board of Tax Appeals
42 B.T.A. 1323; 1940 BTA LEXIS 872;
November 28, 1940, Promulgated
1. Contracts passing to petitioner along with other assets and good will upon its purchase of going concern, which contracts called for sale of the concern's product at prices not above market, which were not customarily enforced, and to which no part of the purchase price was formally allocated, held, on the facts, not…
2Cases cited22 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- United States v. LudeySupreme Court of the United States · 1927
- Weiss v. WeinerSupreme Court of the United States · 1929
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- Real Estate - Land Title & Trust Co. v. United StatesSupreme Court of the United States · 1940
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