Herrnstein v. United States

LITTLETON, Judge.

Plaintiff insists that the Standard Cereal Company, for which he is trustee, was entitled in the computation of its net income for 1918 to a deduction of $25,-000 for obsolescence of its tangible assets used in its business and that in the computation of its net income for 1919 to a deduction of $89,758.49 for the loss of the intangible value of its business, and to a deduction of its claimed net loss of $71,527.61 for 1919 from its net income for 1918. It is further insisted, in the alternative, that if the corporation was not entitled in the computation of its net income…