Tampa Elec. Co. v. Commissioner
United States Board of Tax Appeals
1. Amounts contributed to petitioner by prospective patrons towards the cost of constructing extensions of existing power lines to the premises of the contributors, held not to be taxable income.
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1. Amounts contributed to petitioner by prospective patrons towards the cost of constructing extensions of existing power lines to the premises of the contributors, held not to be taxable income. Further held that the amount contributed in 1920 may not be included in invested capital for the year 1921. 2. Petitioner having failed to prove the March 1, 1913, value of a building destroyed by fire in 1922, the respondent's determination of a profit realized from payments made under insurance policies covering the property is sustained. 3. Cost of repairing damages caused by a hurricane in 1921…
1Opinion of the Court
*1005ORINIONo
Arundell:
The facts in the first assignment of error, that of whether amounts paid to the petitioner in aid of the construction of extensions of its power lines to the premises of the contributors are taxable income, do not differ in any material respect from those in other similar cases heretofore decided by us, wherein we held con*1006trary to the contentions raised by the respondent here. Following the principle laid down in those cases, the respondent is reversed. Liberty Light & Power Co., 4 B. T. A. 155; El Paso Electric Co., 10 B. T. A. 79; and Frank Holton & Co., 10 B. T. A. 1317.…
2Cases cited1 opinion
- Edwards v. Cuba RailroadSupreme Court of the United States · 1925
3Cited by10 opinions
- R. R. Hensler, Inc. v. CommissionerUnited States Tax Court · 1979
- Arundel-Brooks Concrete Corp. v. Commissioner of Int. Rev.Court of Appeals for the Fourth Circuit · 1942
- Fairfax County Water Authority v. United StatesDistrict Court, E.D. Virginia · 1963
- Florida Progress Corp. v. United StatesDistrict Court, M.D. Florida · 1999
- Apollo Steel Co. v. CommissionerUnited States Tax Court · 1945
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