S. Klein on The Square, Inc. v. Commissioner
United States Tax Court
1. Deduction -- Depreciation -- Basis -- Transferor -- Section 112 (b) (5) -- Control -- Section 112 (h). -- Executors transferred property to a corporation and for a short time held all of its stock, but were required under the integral plan to transfer it to purchasers.
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1. Deduction -- Depreciation -- Basis -- Transferor -- Section 112 (b) (5) -- Control -- Section 112 (h). -- Executors transferred property to a corporation and for a short time held all of its stock, but were required under the integral plan to transfer it to purchasers. Held, there was not the control required by sections 112 (b) (5) and (h) and the corporation does not take the executors' basis for the property transferred. 2. Excess Profits Tax -- Credit Based on Income -- Acquiring and Component Corporations -- Transfer Within Section 112 (b) (5) -- Sections 740, 741, and 742. -- Above…
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined the following deficiencies in the excess profits tax of the petitioner: For the period April 16 to September 30, 1944, $40,707.81; and for the fiscal year ended September 30, 1945, $90,342.73.
The petitioner assigns as error the action of the Commissioner in computing the depreciation deduction for each taxable period upon the basis of cost instead of on the adjusted basis of the Klein estate, and in failing to compute its excess profits credit on income pursuant to sections 713 and 742. The facts have been stipulated.
The petitioner filed its…
2Cases cited1 opinion
- E. T. Renfro Drug Co. v. CommissionerUnited States Tax Court · 1948
3Cited by14 opinions
- Scientific Instrument Co. v. CommissionerUnited States Tax Court · 1952
- Farr v. CommissionerUnited States Tax Court · 1955
- S. Klein on the Square, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1951
- Intermountain Lumber Co. & Subsidiaries, etc. v. CommissionerUnited States Tax Court · 1976
- Frederic R. Harris, Inc. v. CommissionerUnited States Tax Court · 1963
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