Burlington Gazette Co. v. Commissioner
United States Board of Tax Appeals
DEPRECIATION BASIS. - In 1921 petitioner took over certain assets for which it issued its stock to the transferors in substantially the same proportions as their interests in the assets had been prior thereto.
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DEPRECIATION BASIS. - In 1921 petitioner took over certain assets for which it issued its stock to the transferors in substantially the same proportions as their interests in the assets had been prior thereto. No gain or loss was recognized to the transferors, pursuant to section 202(c)(3) of the Revenue Act of 1921 and section 203(b)(4) of the Revenue Acts of 1924 and 1926. Held that for depreciation of the said assets during 1924 and 1925, the petitioner's depreciation basis is the same as the transferors' basis would have been had the property remained in their hands, section 204(c) and…
1Opinion of the Court
BURLINGTON GAZETTE CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Burlington Gazette Co. v. Commissioner
Docket No. 40151.
United States Board of Tax Appeals
21 B.T.A. 156; 1930 BTA LEXIS 1911;
October 31, 1930, Promulgated
DEPRECIATION BASIS. - In 1921 petitioner took over certain assets for which it issued its stock to the transferors in substantially the same proportions as their interests in the assets had been prior thereto. No gain or loss was recognized to the transferors, pursuant to section 202(c)(3) of the Revenue Act of 1921 and section 203(b)(4) of the Revenue Acts of…
2Cases cited1 opinion
- Burlington Gazette Co. v. CommissionerUnited States Board of Tax Appeals · 1930