Walcott Lathe Co. v. Commissioner
United States Board of Tax Appeals
1. The taxpayer acquired land, constructed buildings and acquired other facilities for the production of articles contributing to the prosecution of the war, and, less than three years after the official termination of the war, sold said land, buildings, and other facilities.
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1. The taxpayer acquired land, constructed buildings and acquired other facilities for the production of articles contributing to the prosecution of the war, and, less than three years after the official termination of the war, sold said land, buildings, and other facilities. Held, that the amortization of war facilities allocable to the year 1918 is the difference between the cost of such facilities and the sale price thereof, assigning under the evidence to the land sold the same sales price as its cost. Held, that, in the interim between the termination of hostilities and the date the…
1Opinion of the Court
*1234OPINION.
James:
The taxpayer alleges five grounds as a basis for its appeal: (1) The improper computation of its allowance for amortization; (2) an unallowed loss on account of the scrapping of equipment in the old'heating plant; (3) obsolescence of drawings; (4) an improper computation of depreciation on machinery account; and (5) an improper adjustment of invested capital on account of a dividend, all relating to the year 1918 and affecting 1919 only in respect of the obsolescence of drawings and the necessary adjustments of invested capital resulting from whatever may. be the decision of the…
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