Donaldson Iron Co. v. Commissioner
United States Board of Tax Appeals
1. The amount of depreciated cost of assets formerly written off as expense and properly restored to invested capital through surplus determined. 2. The amount of the fair market value on March 1, 1913, of assets subject to depreciation determined.
1Opinion of the Court
*1084OPINION.
Steenhagen :
The petitioner presented four issues in its pleading but only two of these were pressed at the hearing or supported by evidence and need therefore be considered here or decided. By the first issue raised the petitioner contends that the surplus to be included in its invested capital should include numerous capital expenditures (properly depreciated) for plant and equipment which from the time of its organization in 1886 until March 24, 1916, had been entirely written off as current expenses. The second contention is that by reason of this accounting practice the book value…
2Cases cited1 opinion
- LaBelle Iron Works v. United StatesSupreme Court of the United States · 1921
3Cited by7 opinions
- Kraft, Inc. v. United StatesUnited States Court of Federal Claims · 1994
- Tex-Penn Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Philadelphia Steel & Iron Corp. v. CommissionerUnited States Tax Court · 1964
- Couzens v. CommissionerUnited States Board of Tax Appeals · 1928
- Donaldson Iron Co. v. CommissionerUnited States Board of Tax Appeals · 1928
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