Akron Dry Goods Co. v. Commissioner
United States Tax Court
1. Deductions -- Depreciation. -- Held, that, in the taxable year 1945, petitioner may not properly claim allowances for depreciation on certain properties where the presently asserted basis is inconsistent with the position taken in earlier years resulting in substantial tax benefits and allowance of the present claim would result in double tax benefits. 2. Excess Profits Tax -- Equity Invested Capital. -- Held, that the cancelation of an indebtedness of petitioner did not…
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1. Deductions -- Depreciation. -- Held, that, in the taxable year 1945, petitioner may not properly claim allowances for depreciation on certain properties where the presently asserted basis is inconsistent with the position taken in earlier years resulting in substantial tax benefits and allowance of the present claim would result in double tax benefits. 2. Excess Profits Tax -- Equity Invested Capital. -- Held, that the cancelation of an indebtedness of petitioner did not increase its equity invested capital for excess profits tax purposes, declining to follow Crean Brothers, Inc. v.…
1Opinion of the Court
The Akron Dry Goods Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Akron Dry Goods Co. v. Commissioner
Docket No. 19259
United States Tax Court
18 T.C. 1143; 1952 U.S. Tax Ct. LEXIS 87;
September 29, 1952, Promulgated
Decision will be entered under Rule 50.
1. Deductions -- Depreciation. -- Held, that, in the taxable year 1945, petitioner may not properly claim allowances for depreciation on certain properties where the presently asserted basis is inconsistent with the position taken in earlier years resulting in substantial tax benefits and allowance of the present claim would…
2Cases cited3 opinions
- Crean Bros., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
- Crean Bros., Inc. v. CommissionerUnited States Tax Court · 1950
- Akron Dry Goods Co. v. CommissionerUnited States Tax Court · 1952