Boston Oldsmobile Co. v. Commissioner
United States Board of Tax Appeals
1. INVESTED CAPITAL - NOTES. - Upon the evidence certain interest-bearing promissory notes of solvent makers, paid in for petitioner's capital stock and later paid in full with interest, found to have been in good faith so paid in and to have been worth their face value, and held that petitioner is entitled to include such notes in invested capital from the dates received. 2. INVENTORIES - ADJUSTMENTS. - Petitioner for 1919 took its closing inventory on basis of "cost" and…
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1. INVESTED CAPITAL - NOTES. - Upon the evidence certain interest-bearing promissory notes of solvent makers, paid in for petitioner's capital stock and later paid in full with interest, found to have been in good faith so paid in and to have been worth their face value, and held that petitioner is entitled to include such notes in invested capital from the dates received. 2. INVENTORIES - ADJUSTMENTS. - Petitioner for 1919 took its closing inventory on basis of "cost" and for 1920 on basis of "cost or market." Held, that it can not now adjust its 1919 inventory by valuing only a portion of…
1Opinion of the Court
BOSTON OLDSMOBILE CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Boston Oldsmobile Co. v. Commissioner
Docket No. 11239.
United States Board of Tax Appeals
16 B.T.A. 114; 1929 BTA LEXIS 2646;
April 22, 1929, Promulgated
1. INVESTED CAPITAL - NOTES. - Upon the evidence certain interest-bearing promissory notes of solvent makers, paid in for petitioner's capital stock and later paid in full with interest, found to have been in good faith so paid in and to have been worth their face value, and held that petitioner is entitled to include such notes in invested capital from the dates…
2Cases cited4 opinions
- Hewitt Rubber Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Globe Outlet Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Langley & Michaels Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Boston Oldsmobile Co. v. CommissionerUnited States Board of Tax Appeals · 1929