Lambert's Point Tow Boat Co. v. Commissioner
United States Board of Tax Appeals
1. Claim for special assessment on account of intangible assets acquired by a corporation at the time of its incorporation, but not capitalized, disallowed for lack of proof establishing such right. 2. A high rate of earning during an unusually prosperous year, alone, is not evidence of abnormalities warranting special assessment. 3. Respondent's adjustments of invested capital on account of unpaid Federal taxes for prior years, paid in the taxable year, approved.
1Opinion of the Court
LAMBERT'S POINT TOW BOAT CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Lambert's Point Tow Boat Co. v. Commissioner
Docket No. 18663.
United States Board of Tax Appeals
16 B.T.A. 1360; 1929 BTA LEXIS 2395;
July 17, 1929, Promulgated
1. Claim for special assessment on account of intangible assets acquired by a corporation at the time of its incorporation, but not capitalized, disallowed for lack of proof establishing such right.
2. A high rate of earning during an unusually prosperous year, alone, is not evidence of abnormalities warranting special assessment.
3. Respondent's…
2Cases cited1 opinion
- Lambert's Point Tow Boat Co. v. CommissionerUnited States Board of Tax Appeals · 1929