Legal Opinion
Fahs v. Florida MacHine & Foundry Co.
Court of Appeals for the Fifth Circuit
Decided July 6, 1948No. 12212PublishedCited by 14 opinions
1Opinion of the Court
McCORD, Circuit Judge.
Appellee, Florida Machine and Foundry Company, filed suit to recover additional income and excess profits taxes, aggregating $19,089.44, paid for the years 1941 and 1942 under protest. From a judgment for appellee taxpayer, the Collector takes this appeal.
The only question presented is the proper cost basis to be used by taxpayer in computing gain or loss on the sale of certain land it owned in 1941, and in determining taxpayer’s equity invested capital for the years 1941 and 1942.
Title 26 U.S.C.A.Int.Rev.Code, § 112(b) (5), provides:
“Sec. 112. Recognition of gain or…
2Cases cited5 opinions
- Hazeltine Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1937
- Portland Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1940
- Orange Securities Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
- Bassick v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1936
- Heberlein Patent Corporation v. United StatesCourt of Appeals for the Second Circuit · 1939
3Cited by14 opinions
- Diamond v. CommissionerUnited States Tax Court · 1971
- Ticket Office Equipment Co. v. CommissionerUnited States Tax Court · 1953
- D'Angelo Assoc., Inc. v. CommissionerUnited States Tax Court · 1978
- James v. CommissionerUnited States Tax Court · 1969
- Maine Steel, Inc. v. United StatesDistrict Court, D. Maine · 1959
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