Hitchcock v. Commissioner
United States Board of Tax Appeals
PATENTS; BASIS OF DEDUCTION FOR EXHAUSTION. - The owner of certain patents in the year 1912 granted the exclusive right of user during the life of the latest patent. The basis for the statutory deduction on account of exhaustion held to be the March 1, 1913, value of the contract, and, upon the evidence, the value of that contract found to be the amount of $100,000.
1Opinion of the Court
APPEAL OF HALBERT K. HITCHCOCK.
Hitchcock v. Commissioner
Docket No. 6107.
United States Board of Tax Appeals
4 B.T.A. 273; 1926 BTA LEXIS 2325;
July 20, 1926, Decided
PATENTS; BASIS OF DEDUCTION FOR EXHAUSTION. - The owner of certain patents in the year 1912 granted the exclusive right of user during the life of the latest patent. The basis for the statutory deduction on account of exhaustion held to be the March 1, 1913, value of the contract, and, upon the evidence, the value of that contract found to be the amount of $100,000.
Chester A. Gwinn, Esq., for the petitioner.
B. G. Simpich, Esq., for…
2Cases cited1 opinion
- Hitchcock v. CommissionerUnited States Board of Tax Appeals · 1926