Firemen's Ins. Co. v. Commissioner

1. Where in prior years a taxpayer deducted and was allowed as an operating expense the entire amount of expenditures made for additions and renewals of furniture and fixtures and the period of limitations has run against the adjustment of the returns for such years, no deduction may be allowed during the taxable year or years on account of depreciation of such property. 2. An amount paid by a corporation to a firm of accountants for services in connection with the authorization and issuance of an increase in capital stock is not deductible as an ordinary and necessary expense of carrying on…