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
supplemental opinion.
Johnson, Judge:
The original opinion in this proceeding was promulgated March 17,1949, at 12 T. C. 348. Thereafter the parties filed conflicting computations under Rule 50 of this Court’s Rules of Practice, petitioner filing three alternative computations and respondent filing one. At a hearing on November 15, 1950, the parties filed a stipulation of facts and, subsequently, briefs in support of their computations. The stipulation of facts is incorporated herein by reference.
In the original opinion we held that in computing depreciation and depletion deductions for the…
2Cases cited8 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
3 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
- Farha v. CommissionerUnited States Tax Court · 1972
- C. D. Johnson Lumber Corp. v. CommissionerUnited States Tax Court · 1951
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
- Farha v. CommissionerUnited States Tax Court · 1972
1 more not listed; retrieve them via the Exa API.