Briggs-Weaver Mach. Co. v. Commissioner
United States Board of Tax Appeals
1. Upon the evidence, held, that the closing inventory of petitioner is acceptable for income and profits-tax purposes. 2. Cash value of promissory notes paid in for capital stock of a Texas corporation allowed for invested capital purposes. 3. In view of the evidence, held that petitioner is not liable for the negligence penalty.
1Opinion of the Court
BRIGGS-WEAVER MACHINERY CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Briggs-Weaver Mach. Co. v. Commissioner
Docket No. 21074.
United States Board of Tax Appeals
14 B.T.A. 1351; 1929 BTA LEXIS 2959;
January 16, 1929, Promulgated
1. Upon the evidence, held, that the closing inventory of petitioner is acceptable for income and profits-tax purposes.
2. Cash value of promissory notes paid in for capital stock of a Texas corporation allowed for invested capital purposes.
3. In view of the evidence, held that petitioner is not liable for the negligence penalty.
O. D. Brundidge, Esq., O.…
2Cases cited15 opinions
- Washer v. SmyerTexas Supreme Court · 1919
- Thompson v. First State Bank of AmarilloTexas Supreme Court · 1919
- Haskell & Barker Car Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Hewitt Rubber Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- American Steel Co. v. CommissionerUnited States Board of Tax Appeals · 1925
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