Journal Tribune Publishing Co. v. Commissioner
United States Tax Court
Petitioner operated a newspaper establishment under the terms of written leases. It made expenditures for plant equipment and furniture which it claims to be deductible in the entirety in the year paid. Assets acquired by such expenditures had a useful life of more than 1 year.
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Petitioner operated a newspaper establishment under the terms of written leases. It made expenditures for plant equipment and furniture which it claims to be deductible in the entirety in the year paid. Assets acquired by such expenditures had a useful life of more than 1 year. Held, expenditures were made for capital assets and must, therefore, be recovered on a depreciation basis over the useful life of the assets acquired or the remaining term of the leases, whichever is the lesser.
1Opinion of the Court
Journal Tribune Publishing Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Journal Tribune Publishing Co. v. Commissioner
Docket No. 36637
United States Tax Court
20 T.C. 654; 1953 U.S. Tax Ct. LEXIS 115;
June 24, 1953, Promulgated
Decision will be entered under Rule 50.
Petitioner operated a newspaper establishment under the terms of written leases. It made expenditures for plant equipment and furniture which it claims to be deductible in the entirety in the year paid. Assets acquired by such expenditures had a useful life of more than 1 year. Held, expenditures were made for…
2Cases cited1 opinion
- Journal Tribune Publishing Co. v. CommissionerUnited States Tax Court · 1953