C. D. Johnson Lumber Corp. v. Commissioner
United States Tax Court
The Tax Court held that in computing depreciation and depletion deductions for the fiscal years ended November 30, 1940 and 1941, on certain assets acquired by it from an insolvent corporation on December 1, 1935, petitioner was entitled to use a cost and unadjusted basis of such assets as of that date in the amount of $ 4,346,075.97. In determining, under section 113 (b) (1) (B) of the Internal Revenue Code, the adjusted basis at the beginning of the fiscal year 1940, held:…
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The Tax Court held that in computing depreciation and depletion deductions for the fiscal years ended November 30, 1940 and 1941, on certain assets acquired by it from an insolvent corporation on December 1, 1935, petitioner was entitled to use a cost and unadjusted basis of such assets as of that date in the amount of $ 4,346,075.97. In determining, under section 113 (b) (1) (B) of the Internal Revenue Code, the adjusted basis at the beginning of the fiscal year 1940, held: 1. For the fiscal years 1936 and 1937 the amounts of depreciation and depletion allowable are the amounts the Board of…
1Opinion of the Court
C. D. Johnson Lumber Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
C. D. Johnson Lumber Corp. v. Commissioner
Docket No. 8774
United States Tax Court
16 T.C. 1406; 1951 U.S. Tax Ct. LEXIS 156;
June 20, 1951, Promulgated
Decision will be entered under Rule 50.
The Tax Court held that in computing depreciation and depletion deductions for the fiscal years ended November 30, 1940 and 1941, on certain assets acquired by it from an insolvent corporation on December 1, 1935, petitioner was entitled to use a cost and unadjusted basis of such assets as of that date in the amount…
2Cases cited9 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Last Chance Mining Co. v. Tyler Mining Co.Supreme Court of the United States · 1895
- Virginian Hotel Corporation v. Helvering, Commissioner of Internal RevenueSupreme Court of the United States · 1943
- C. D. Johnson Lumber Corp. v. CommissionerUnited States Tax Court · 1949
- Blackhawk-Perry Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1950
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