Graves, Cox & Co. v. Commissioner

OPINION.

Akündell :

The deficiency for redetermination in this proceeding is in income tax in the amount of $102.46 for 1929. The facts were stipulated.

At various times in 1919 the petitioner, a Kentucky corporation engaged in the general retail clothing business in Lexington of that State, purchased some furniture and fixtures and charged the costs thereof to its furniture and fixtures account. For the years 1919 to 1928, inclusive, it claimed and was allowed depreciation on the assets so acquired at the rate of 10 per cent per annum. In its return for 1929, the petitioner claimed depreciation…