Independent Aetna Sprinkler Co. v. Commissioner

1. Values of patent and a license agreement determined. 2. Petitioner is entitled to a deduction for exhaustion of the foregoing patent and license agreement computed upon the remaining life thereof when acquired. 3. The petitioner's invested capital for the years in question with respect to the patent and license agreement should be recomputed upon the basis of the values herein determined. 4. Respondent's action in reducing invested capital by the amount of income and profits taxes for preceding taxable years approved under section 1207 of the Revenue Act of 1926. 5. For failure to adduce…