Collins v. Commissioner
United States Tax Court
Prior to 1938 petitioner claimed and was allowed depreciation on certain properties on the basis of assessed valuations, which were less than cost. The properties were sold during the taxable years. Held, that respondent properly adjusted the original costs for depreciation allowed or allowable on the basis of original cost, even though the maximum amount of depreciation was not claimed or allowed for all years prior to sale.
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Prior to 1938 petitioner claimed and was allowed depreciation on certain properties on the basis of assessed valuations, which were less than cost. The properties were sold during the taxable years. Held, that respondent properly adjusted the original costs for depreciation allowed or allowable on the basis of original cost, even though the maximum amount of depreciation was not claimed or allowed for all years prior to sale. Held, further, that a deduction for depreciation in a taxable year may not exceed the adjusted basis of the property at the beginning of the year.
1Opinion of the Court
William R. Collins, Petitioner, v. Commissioner of Internal Revenue, Respondent
Collins v. Commissioner
Docket No. 33519
United States Tax Court
18 T.C. 99; 1952 U.S. Tax Ct. LEXIS 218;
April 21, 1952, Promulgated
Decision will be entered for the respondent.
Prior to 1938 petitioner claimed and was allowed depreciation on certain properties on the basis of assessed valuations, which were less than cost. The properties were sold during the taxable years. Held, that respondent properly adjusted the original costs for depreciation allowed or allowable on the basis of original cost, even though the…
2Cases cited10 opinions
- United States v. LudeySupreme Court of the United States · 1927
- Helvering v. SalvageSupreme Court of the United States · 1936
- Virginian Hotel Corporation v. Helvering, Commissioner of Internal RevenueSupreme Court of the United States · 1943
- Commissioner of Int. Rev. v. Cleveland Adolph MR Corp.Court of Appeals for the Sixth Circuit · 1947
- Herder v. HelveringCourt of Appeals for the D.C. Circuit · 1939
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