Bessemer Inv. Co. v. Commissioner
United States Board of Tax Appeals
1. A transaction in regard to stock of Standard Oil Co. of New York, held to have resulted in no profit to the petitioner. 2. The Commissioner's determination that certain transactions in regard to stock of New England Co. resulted in profitable sales by the petitioner approved for lack of evidence to the contrary. 3. The Commissioner's determination of the value for purposes of depreciation allowances of certain buildings of Henry Phipps Estates approved for lack of…
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1. A transaction in regard to stock of Standard Oil Co. of New York, held to have resulted in no profit to the petitioner. 2. The Commissioner's determination that certain transactions in regard to stock of New England Co. resulted in profitable sales by the petitioner approved for lack of evidence to the contrary. 3. The Commissioner's determination of the value for purposes of depreciation allowances of certain buildings of Henry Phipps Estates approved for lack of evidence of any other value. 4. Commissioner's determination of a gain from the sale of certain improved properties approved…
1Opinion of the Court
*1022OPINION.
'MuRdock:
The respondent has not contested the jurisdiction of the Board in this case, and has determined that the three companies were affiliated during the taxable years. We assume that for each year the facts give rise to a deficiency as defined by the statute. He has admitted that he erroneously added a profit of $100,000 to the income of the Bessemer Investment Co. for 1919, on account of the purchase by it of bonds of La Salle, Inc., an affiliated company. He further admitted an error of $1,000 in computing the loss sustained by the Bessemer Investment Co. on the sale of some…
2Cases cited2 opinions
- Dorr v. Massachusetts Title InsuranceMassachusetts Supreme Judicial Court · 1921
- Pitney v. DuffyDistrict Court, D. New Jersey · 1923
3Cited by1 opinion
- Bessemer Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1927