Columbus Brick & Tile Co. v. Commissioner
United States Board of Tax Appeals
1. Consolidated invested capital determined. 2. Petitioner held not entitled to any deduction for obsolescence of a Boss burning system and steam drying equipment which had been used in connection with the plant and clay lands purchased by the petitioner, but were in the process of being dismantled at the time the purchase was made.
1Opinion of the Court
*797OPINION.
Matthews:
The respondent has not determined a deficiency against the Gamble & Stockton Company for 1920, and the proceeding, in so far as it purports to be on behalf of that company, is, therefore, dismissed.
*798The first issue involves the computation of invested capital.
Petitioner contends that it is entitled to include in invested capital $210,000 as the value of the Shepherd plant paid in for stock in that amount, and $90,000 as the value of the notes of Gamble, Stockton, and Dixon paid in for stock in the same amount.
The respondent, in his deficiency notice, does not give any reason…
2Cited by5 opinions
- Wood County Tel. Co. v. CommissionerUnited States Tax Court · 1968
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- Argo v. CommissionerUnited States Tax Court · 1982
- Columbus Brick & Tile Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Wood County Tel. Co. v. CommissionerUnited States Tax Court · 1968