Gifford v. Commissioner
United States Board of Tax Appeals
1. In the case of a tenant holding and using premises under a lease from year to year where the landlord is a member of the tenant partnership, the cost of improvements and additions to buildings on leased premises and of removable machinery and equipment, charged to expense when made or acquired, may be restored to the tenant's asset accounts for the purposes of invested capital, upon proof of the continued existence and use of such properties during the taxable year. 2. A…
Read the full summary
1. In the case of a tenant holding and using premises under a lease from year to year where the landlord is a member of the tenant partnership, the cost of improvements and additions to buildings on leased premises and of removable machinery and equipment, charged to expense when made or acquired, may be restored to the tenant's asset accounts for the purposes of invested capital, upon proof of the continued existence and use of such properties during the taxable year. 2. A deduction for a loss of the par value of stock of a bankrupt corporation can not be allowed in the absence of proof of…
1Opinion of the Court
*337OPINION.
Trussell:
The principal question involved in these appeals is whether or not certain improvements and additions to leased premises occupied by the partnership, Younger, Gifford & Cullum, of which the taxpayers were members, and certain machinery, appara*338tus and equipment were partnership assets, all of the items mentioned having been purchased with partnership funds and used exclusively in the partnership business. If these items were partnership assets, they should be included in invested capital for the purpose of computing partnership excess-profits tax for 1917, and the partnership…
2Cases cited3 opinions
- Deming v. MossUtah Supreme Court · 1912
- Fairfield v. PhillipsSupreme Court of Iowa · 1891
- In re Minor & SonDistrict Court, W.D. Pennsylvania · 1882
3Cited by1 opinion
- Gaines v. CommissionerUnited States Tax Court · 1982