Carney Coal Co. v. Commissioner
United States Board of Tax Appeals
1. The liability for the additional taxes for the fiscal years ended May 31, 1917, and May 31, 1919, involved herein, is extinguished by section 1106(a) of the Revenue Act of 1926, and there are no deficiencies for those years. 2. The fair market value of the petitioner's property on March 1, 1913, determined.
1Opinion of the Court
*1402OPINION.
MaRquette:
It is the contention of the petitioner that (1) collection of the additional taxes involved herein for the fiscal years ended May 31, 1917, 1918, and 1919, respectively, is barred by the statute of limitations, and that there are no deficiencies for those years; (2) that the March 1, 1913, fair market value of its properties was $1,500,000, which should be used for the purposes of determining depreciation, depletion and invested capital, and whether or not profit was realized from the sale of the property on December 31, 1919; and (3) that the March 1, 1913, value of its…
2Cited by12 opinions
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- Fisher v. CommissionerUnited States Board of Tax Appeals · 1934
- Sugar Run Coal Mining Co. v. United StatesDistrict Court, E.D. Pennsylvania · 1937
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