Steinbach Co. v. Commissioner
United States Board of Tax Appeals
1. Taxpayer may include in its statutory invested capital, as paid-in surplus, the proved value of tangible property paid in to a corporation in excess of the par value of its outstanding stock. 2. Unextinguished cost of demolished assets allowed as a deduction from gross income. 3. Depreciation allowed on assets acquired by way of paid-in surplus. 4. Invested capital must be reduced by the amount of the cost to a corporation of the acquisition of its own stock.
1Opinion of the Court
*351OPINION.
Lansdon: This appeal presents three issues for determination by the Board: (1) Whether the assets which the taxpayer acquired at February 1, 1919, should be included in the computation of its statutory invested capital for each of the fiscal years ended January 31, 1919, 1920, and 1921, at a total value in excess of the consideration paid therefor; (2) the deductibility from the taxpayer’s gross income for the fiscal year ended January 31, 1919, of a loss of the unextinguished useful value alleged to have been sustained as a result of the voluntary demolition of the fifth story of the…
2Cited by7 opinions
- Gilman v. CommissionerUnited States Tax Court · 1979
- Steinbach Kresge Co. v. SturgessDistrict Court, D. New Jersey · 1940
- Stutz Motor Car Co. of America v. United StatesCourt of Appeals for the Seventh Circuit · 1935
- Cummer Sons Cypress Co. v. CommissionerUnited States Tax Court · 1946
- Gilman v. CommissionerUnited States Tax Court · 1979
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