Cleveland-Sandusky Brewing Corp. v. Commissioner
United States Tax Court
1. Petitioner, in 1925, filed an additional claim for obsolescence of its buildings and other properties for the year 1919, due to national prohibition legislation, in the amount of $ 808,087.87. At the time this claim was filed, the year 1918 had been closed.
Read the full summary
1. Petitioner, in 1925, filed an additional claim for obsolescence of its buildings and other properties for the year 1919, due to national prohibition legislation, in the amount of $ 808,087.87. At the time this claim was filed, the year 1918 had been closed. Petitioner's claim was based upon an alleged total obsolescence for the 1918-1919 period in the amount of $ 1,798,542.94. A settlement was reached, based upon a total obsolescence of $ 1,434,131.98 for the 1918-1919 period. It was agreed that 45 per cent of this amount, or $ 645,359.39, was allocable to 1919, and on this basis the year…
1Opinion of the Court
MulRoney, Judge:
The respondent determined deficiencies in petitioner’s income tax in the amount of $106.81 for the fiscal year ended March 31, 1949, and in the amount of $12,835.97 for the fiscal year ended March 31,1950. The issues are (1) whether the basis of certain property held by the petitioner in these years should be adjusted, for the purposes of computing depreciation and gain or loss from the sale of such property, for obsolescence in 1918 due to national prohibition legislation; (2) whether petitioner is entitled to a higher basis with respect to a 1950 sale of land than the basis…
2Cases cited4 opinions
- Virginian Hotel Corporation v. Helvering, Commissioner of Internal RevenueSupreme Court of the United States · 1943
- Pancoast Hotel Co. v. CommissionerUnited States Tax Court · 1943
- Commissioner of Internal Revenue v. American Light & Traction Co.Court of Appeals for the Seventh Circuit · 1942
- Piper v. CommissionerUnited States Tax Court · 1945
3Cited by16 opinions
- Fasken v. CommissionerUnited States Tax Court · 1979
- Principal Life Insurance Company and Subsidiaries v. United StatesUnited States Court of Federal Claims · 2014
- Fairfield Plaza, Inc. v. CommissionerUnited States Tax Court · 1963
- Fisher v. United StatesUnited States Court of Federal Claims · 2008
- Michaelson v. United StatesDistrict Court, E.D. Washington · 1961
11 more not listed; retrieve them via the Exa API.