Buffalo Union Furnace Co. v. Commissioner
United States Board of Tax Appeals
1. An allowance determined for exhaustion, wear and tear of property used in the iron furnace business, including a reasonable allowance for obsolescence. 2. Expenditures incident to the restoration of petitioner's dock classified as between capital and expense items. 3. Petitioner performed certain switching service from 1905 to 1914, without receiving payment therefor, when its competitors were either receiving payment for rendering such service or the service was being…
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1. An allowance determined for exhaustion, wear and tear of property used in the iron furnace business, including a reasonable allowance for obsolescence. 2. Expenditures incident to the restoration of petitioner's dock classified as between capital and expense items. 3. Petitioner performed certain switching service from 1905 to 1914, without receiving payment therefor, when its competitors were either receiving payment for rendering such service or the service was being rendered for them without charge. In 1911 the Interstate Commerce Commission found that the discriminatory practice…
1Opinion of the Court
*453OPINION.
Sea well :
1. The first question at issue in this case is the contention of the petitioner that it is entitled to a deduction of 10 per cent on its plant assets on account of depreciation and obsolescence, whereas the Commissioner has allowed only 5 per cent. The principal point in dispute and that to which the greater part of the evidence was directed is as to obsolescence which occurred as a result of the new type of blast furnace construction which began to be installed about 1918. There appeared to be little, if any, dispute between the parties that, leaving out of consideration…
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- Meeker & Co. v. Lehigh Valley RRSupreme Court of the United States · 1915
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3Cited by10 opinions
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- Buffalo Union Furnace Co. v. CommissionerUnited States Board of Tax Appeals · 1931
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