Brown Lumber Co. v. Commissioner
United States Board of Tax Appeals
1. Title to property passes when the parties so intend. Legal rules as to when title passes on f.o.b. shipments are merely aids for ascertaining intention and must yield when the intention of the parties conflicts with the presumption created by the rule. 2. Circumstances surrounding contracts held sufficient to show intent of parties that title should pass to buyer, as to one contract, insufficient to show such intent as to other contract. 3. Petitioner may include in its…
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1. Title to property passes when the parties so intend. Legal rules as to when title passes on f.o.b. shipments are merely aids for ascertaining intention and must yield when the intention of the parties conflicts with the presumption created by the rule. 2. Circumstances surrounding contracts held sufficient to show intent of parties that title should pass to buyer, as to one contract, insufficient to show such intent as to other contract. 3. Petitioner may include in its inventory only such property to which it had title in the year in question. 4. No abnormality requiring computation of…
1Opinion of the Court
*727OPINION.
Siefkin :
Four errors were assigned by petitioner — that respondent erred (a) in refusing to allow losses claimed by petitioner on account of two purchases of lumber made in 1920, which, at the close of the year 1920, had a fair market value less than cost, (b) in not computing the tax under the special assessment provisions, (c) in not including certain 1917 expenditures, less depreciation to January 1, 1920, for machinery in invested capital for 1920, and (d) in failing *728to allo w depreciation on such machinery. Under stipulation of the parties the adjustments on the last two items…
2Cases cited8 opinions
- Lingham v. EgglestonMichigan Supreme Court · 1873
- Vogt v. SchienebeckWisconsin Supreme Court · 1904
- Dow Chemical Co. v. Detroit Chemical WorksMichigan Supreme Court · 1919
- Detroit Southern Railroad v. MalcomsonMichigan Supreme Court · 1906
- Richardson Lumber Co. v. HoeyMichigan Supreme Court · 1922
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Brown Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- East Coast Oil Co., S. A. v. CommissionerUnited States Board of Tax Appeals · 1934