J. E. Ervine & Co. v. United States

WILLIAMS, Judge.

Two issues are presented in this case: (1) Whether the net cost to plaintiff of the eleven-sixteenths interest in the real estate in question should have been included in plaintiff’s invested capital for the year 1917; and, if so (2) whether the plaintiff’s suit was barred by the statute of limitations on the date of the filing of its petition, May 29, 1929.

The definition of “invested capital” applicable to the year 1917 is found in section 207 of the Revenue Act of 1917 (40 Stat. 300, 306): “(a) In the ease of a corporation or partnership: (1) Actual cash paid in, (2i) the…