Union Metal Mfg. Co. v. Commissioner
United States Board of Tax Appeals
1. The doctrine of res adjudicata did not, under the Revenue Act of 1924, operate to make a finding of fact in a former case, involving 1918, as to the value of patents, conclusive as to such fact in a case involving 1919. 2. A finding of fact by the Board is entitled to the presumption of correctness and, when introduced in a subsequent case, throws the burden of going forward on the opposing party. 3. A deduction of a reasonable allowance for the exhaustion of several…
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1. The doctrine of res adjudicata did not, under the Revenue Act of 1924, operate to make a finding of fact in a former case, involving 1918, as to the value of patents, conclusive as to such fact in a case involving 1919. 2. A finding of fact by the Board is entitled to the presumption of correctness and, when introduced in a subsequent case, throws the burden of going forward on the opposing party. 3. A deduction of a reasonable allowance for the exhaustion of several patents may be computed by applying the average life of the group to the aggregate March 1, 1913, value of all.
1Opinion of the Court
OPINION.
SteRNi-iagen: The petitioner now seeks for 1919 a similar deduction for the exhaustion of patents to that determined by the Board for 1918 in Appeal of Union Metal Mfg. Co., 1 B. T. A. 395. In its petition it sets forth that the facts in respect of the patents are the same as those found in the earlier proceedings. This the respondent denied. At the hearing the petitioner put in evidence the stipulation which both parties had filed in the earlier proceeding in which, among other things, it was agreed that some of the patents had a fair market value of $135,000 and a remaining life of…
2Cited by15 opinions
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- Carl G. Dreymann v. CommissionerUnited States Tax Court · 1950
- Charles M. Monroe Stationery Co. v. CommissionerUnited States Board of Tax Appeals · 1929
- Deltox Grass Rug Co. v. CommissionerUnited States Board of Tax Appeals · 1927
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