Lansdale Structural Steel & Machine Co. v. Commissioner
United States Tax Court
1. Property transferred to petitioner as paid-in surplus by its two stockholders in 1933, subject to a purchase money mortgage which petitioner assumed, held includible in equity invested capital under section 718 (a) at its cost to the transferors less the amount of the purchase money mortgage, which was included in borrowed invested capital under section 719. 2. Alleged error in respondent's refusal to make allowance for post-war refund credits in computing invested…
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1. Property transferred to petitioner as paid-in surplus by its two stockholders in 1933, subject to a purchase money mortgage which petitioner assumed, held includible in equity invested capital under section 718 (a) at its cost to the transferors less the amount of the purchase money mortgage, which was included in borrowed invested capital under section 719. 2. Alleged error in respondent's refusal to make allowance for post-war refund credits in computing invested capital, held, not shown on the evidence of record.
1Opinion of the Court
OPINION.
LeMiiíe, Judge-.
Respondent has determined deficiencies in petitioner’s income, declared value excess profits, and excess profits taxes for the years 1941 to 1943, inclusive, as follows:
Income Tax
year Deficiency
1941_ $372.01
Declared Value Excess Profits Tax
1942_ 23. 41
Excess Profits Tax
2, 715. 33 CO bO
1, 330. 97 CD 05
Some of the issues raised in the pleadings have been abandoned. The principal remaining issue is the amount to be included in petitioner’s equity invested capital in respect of property transferred to it by its stockholders. By an amendment to the petition filed at the…
2Cases cited4 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- LaBelle Iron Works v. United StatesSupreme Court of the United States · 1921
- Willcuts v. Milton Dairy Co.Supreme Court of the United States · 1927
- Altschul's, Inc. v. CommissionerUnited States Tax Court · 1947
3Cited by1 opinion
- Lansdale Structural Steel & Machine Co. v. CommissionerUnited States Tax Court · 1950