Grand Rapids Nat'l Bank v. Commissioner
United States Board of Tax Appeals
1. Expenditures for improvements, betterments and replacements to a chemical plant, held to be capital expenditures. 2. Where it is conceded that the amounts shown on the books as representing depreciation are incorrect, held, that the book value of a chemical plant at January 1, 1920, does not truly reflect its value. 3. Under section 280, Revenue Act of 1926, a transferee of the assets of a corporation which has gone out of business, held liable for unpaid taxes of the…
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1. Expenditures for improvements, betterments and replacements to a chemical plant, held to be capital expenditures. 2. Where it is conceded that the amounts shown on the books as representing depreciation are incorrect, held, that the book value of a chemical plant at January 1, 1920, does not truly reflect its value. 3. Under section 280, Revenue Act of 1926, a transferee of the assets of a corporation which has gone out of business, held liable for unpaid taxes of the corporation to the extent of the amount the transferee received in liquidation. 4. Where a stockholder in a liquidated…
1Opinion of the Court
*1171OPINION.
Siefkin :
This proceeding is divided in two parts, one relating to the tax liability of the Wisconsin Chemical Co. for the calendar year 1920; the other relating to the liability of each of the two petitioners for such taxes as transferees of the assets of the Wisconsin Chemical Co. The deficiency letter to the Wisconsin Chemical Co. asserted a deficiency of $11,654.33, but it is admitted by the respondent in his brief that a payment of $5,417.79 has been made, so that the unpaid portion of the deficiency is $6,236.54.
The liability of the Wisconsin Chemical Co. depends upon the amount…
2Cases cited12 opinions
- Gouled v. United StatesSupreme Court of the United States · 1921
- Northern Pacific Railway Co. v. BoydSupreme Court of the United States · 1913
- Sawyer v. HoagSupreme Court of the United States · 1873
- Hatch v. DanaSupreme Court of the United States · 1880
- Kansas City Terminal Railway Co. v. Central Union Trust Co.Supreme Court of the United States · 1926
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3Cited by9 opinions
- Cleveland v. CommissionerUnited States Board of Tax Appeals · 1933
- Hine v. CommissionerUnited States Tax Court · 1970
- Marine Transport Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- D'Agostino v. CommissionerUnited States Tax Court · 1973
- Coca-Cola Bottling Co. v. CommissionerUnited States Board of Tax Appeals · 1931
4 more not listed; retrieve them via the Exa API.