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
OPINION.
Tietjens, Judge:
The respondent determined a deficiency of $16,-671.67 in petitioner’s excess profits tax for the fiscal taxable yeai ended January 31, 1945.
Petitioner claims an overpayment of $22,486.48 in excess profits tax for that year.
The petitioner alleges that respondent erred in failing to allow:(1) Depreciation of $4,400.26 on furniture and fixtures;(2) Depreciation of $2,998.20 on a portion of a building known as 18 South Main Street, Akron, Ohio;(3) Depreciation of $7,496.04 on a portion of a building known as 20-24 South Main Street, Akron, Ohio ;(4) Depreciation of…
2Cases cited7 opinions
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Robinson v. CommissionerUnited States Tax Court · 1949
- Robinson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1950
- Commissioner of Internal Rev. v. F. & R. Lazarus & Co.Court of Appeals for the Sixth Circuit · 1939
- Wheelock v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1935
2 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Times Tribune Co. v. CommissionerUnited States Tax Court · 1953
- Glazer Steel Corporation v. The United StatesUnited States Court of Claims · 1967
- Akron Dry Goods Co. v. CommissionerUnited States Tax Court · 1952
- Building Syndicate Co. v. United StatesDistrict Court, D. Oregon · 1960
- Gauthier v. CommissionerUnited States Tax Court · 1976
1 more not listed; retrieve them via the Exa API.