Victory Glass, Inc. v. Commissioner
United States Tax Court
1. Income -- Deduction -- Depreciation -- Basis. -- 2. Excess Profits Tax -- Equity Invested Capital -- Property Paid in for Shares -- Basis -- Section 718 (a) (2). -- The petitioner acquired property in exchange for its preferred stock and its assumption of charges against the property.
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1. Income -- Deduction -- Depreciation -- Basis. -- 2. Excess Profits Tax -- Equity Invested Capital -- Property Paid in for Shares -- Basis -- Section 718 (a) (2). -- The petitioner acquired property in exchange for its preferred stock and its assumption of charges against the property. Held, the basis of the property for depreciation and for computing equity invested capital under section 718 (a) (2) is its cost to the petitioner, the value of the preferred stock and the amount of the liabilities assumed. 3. Excess Profits Tax -- Equity Invested Capital -- Paid-in Surplus -- Contributed…
1Opinion of the Court
Victory Glass, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Victory Glass, Inc. v. Commissioner
Docket No. 8800
United States Tax Court
17 T.C. 381; 1951 U.S. Tax Ct. LEXIS 90;
September 21, 1951, Promulgated
Decision will be entered under Rule 50.
1. Income -- Deduction -- Depreciation -- Basis. --
2. Excess Profits Tax -- Equity Invested Capital -- Property Paid in for Shares -- Basis -- Section 718 (a) (2). -- The petitioner acquired property in exchange for its preferred stock and its assumption of charges against the property. Held, the basis of the property for depreciation…
Also in this document: Dissent · Black; Dissent · Disney.
2Cases cited5 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- East Texas Motor Freight Lines v. CommissionerUnited States Tax Court · 1946
- Victory Glass, Inc. v. CommissionerUnited States Tax Court · 1951
- Eveready Loan Co. v. CommissionerUnited States Tax Court · 1943
- Victory Glass, Inc. v. CommissionerUnited States Tax Court · 1948