Bacon-McMillan Veneer Co. v. Commissioner
United States Board of Tax Appeals
1. Under the facts held that, for the purpose of determining the depreciation deduction of a plant under the unit-of-production method, the timber acquired in 1923 should be considered as available in 1922. 2. Held that a dividend of a definite amount paid in Liberty bonds of a value in excess of cost gives rise to taxable gain.
1Opinion of the Court
*557OPINION.
Trammell:
The parties are in accord as to the method of determining the depreciation, that- is, by the unit-of-production method, and are in disagreement only with respect of the amount of timber available to be used as a factor in the determination of the amount of the allowable depreciation deduction. The controversy is over the question whether an amount of 45,000,000 feet of timber purchased in January, 1923, should be added to the timber owned and considered as available in determining the timber supply for the purpose of determining the depreciation rate on the plant in 1922.
The…
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