Legal Opinion
Ithaca Industries, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Fourth Circuit
Decided February 23, 1994No. 92-1045PublishedCited by 24 opinions
1Opinion of the Court
OPINION
MICHAEL, District Judge:
Ithaca Industries, Inc. (Ithaca) appeals from the decision of the Tax Court denying depreciation deductions for Ithaca’s assembled workforce and assessing Ithaca for tax deficiencies as a result. Because we believe that the useful life of an assembled workforce such as Ithaca’s has no reasonably ascertainable limits, we affirm.
I
At all relevant times for the purposes of this case, Ithaca was a Delaware corporation with its headquarters in Wilkesboro, North Carolina. The company manufactures hosiery, undergarments, and polo shirts in plants located in North and…
2Cases cited6 opinions
- Schweiker v. HoganSupreme Court of the United States · 1982
- Newark Morning Ledger Co. v. United StatesSupreme Court of the United States · 1993
- Houston Chronicle Publishing Company, Plaintiff-Appellee-Cross v. United States of America, Defendant-Appellant-CrossCourt of Appeals for the Fifth Circuit · 1973
- Computing & Software, Inc. v. CommissionerUnited States Tax Court · 1975
- Citizens & Southern Corp. v. CommissionerUnited States Tax Court · 1988
1 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Butler v. ButlerSupreme Court of Pennsylvania · 1995
- GTE Sprint Communications Corp. v. County of AlamedaCalifornia Court of Appeal · 1994
- Capital Blue Cross and Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 2005
- Washington Square Securities, Inc. v. AuneCourt of Appeals for the Fourth Circuit · 2004
- Veritas Software Corp. v. Comm'rUnited States Tax Court · 2009
19 more not listed; retrieve them via the Exa API.