Texas--Empire Pipe Line Co. v. Commissioner
United States Tax Court
In 1932 petitioner received the assets of its subsidiary upon the latter's liquidation. In proceedings before the Board of Tax Appeals the value of those assets was determined. See 42 B. T. A. 368; 127 Fed. (2d) 220; 141 Fed. (2d) 326. In decisions entered under Rule 50 in those proceedings, depreciation was allowed to petitioner on the basis of the values therein determined.
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In 1932 petitioner received the assets of its subsidiary upon the latter's liquidation. In proceedings before the Board of Tax Appeals the value of those assets was determined. See 42 B. T. A. 368; 127 Fed. (2d) 220; 141 Fed. (2d) 326. In decisions entered under Rule 50 in those proceedings, depreciation was allowed to petitioner on the basis of the values therein determined. Held, "going concern value" was not a separate intangible asset of petitioner's subsidiary, separately valued as such in the former proceedings, but was a criterion of value used in valuing the depreciable assets of the…
1Opinion of the Court
OPINION.
Kern, Judge:
Petitioner first contends that the issue presented by the instant proceeding was twice decided by this tribunal in decisions entered after hearings under Rule 50 in the proceeding entitled “The Texas-Empire Pipe Line Co. v. Commissioner of Internal Revenue,” and bearing Docket No. 78604 of the United States Board of Tax Appeals, and, therefore, by reason of the doctrine of res judicata, we are foreclosed from reaching a contrary decision in the instant case. Since we agree with petitioner that this issue was in the former case for decision under Rule 50 proceedings…
2Cases cited1 opinion
- Columbus Gas & Fuel Co. v. Public Util. Comm'n of OhioSupreme Court of the United States · 1934
3Cited by19 opinions
- Computing & Software, Inc. v. CommissionerUnited States Tax Court · 1975
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
- United States v. CornishCourt of Appeals for the Ninth Circuit · 1965
- Northern Natural Gas Company v. United States of America, Northern Propane Gas Company v. United StatesCourt of Appeals for the Eighth Circuit · 1973
- Estate of Maddock v. CommissionerUnited States Tax Court · 1951
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