Nichols v. Commissioner
United States Tax Court
Petitioner, during the year 1955, contracted to sell all of the assets of his quarrying and rock-crushing business, with the exception of the cash, accounts receivable, two automobiles, and a pickup truck.
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Petitioner, during the year 1955, contracted to sell all of the assets of his quarrying and rock-crushing business, with the exception of the cash, accounts receivable, two automobiles, and a pickup truck. The portion of the aggregate selling price allocable to depreciable machinery and equipment and certain quarry lease agreements was $ 195,000. The adjusted cost basis of such machinery and equipment was $ 145,993.94. Petitioner claimed a deduction for depreciation on all his machinery and equipment for the year 1955 without placing thereon any salvage value. Respondent disallowed all of…
1Opinion of the Court
Fax, Judge:
Respondent determined a deficiency in petitioners’ income tax for the year 1955 in the amount of $25,682.62.
The sole issue for decision is whether, under the facts and circumstances of this case, petitioner C. L. Nichols was entitled to claim depreciation on various assets used by him in a quarrying and rock-crushing business in 1955, the year he contracted to sell these assets. All other issues raised by the pleadings have been conceded by the petitioners.
FINDINGS OF FACT
Petitioners, C. L. Nichols and Mildred H. Nichols, are husband and wife residing in Charlotte, Iowa. They filed…
2Cases cited8 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Helvering v. TaylorSupreme Court of the United States · 1935
- Burnet v. HoustonSupreme Court of the United States · 1931
- Haverty Realty & Inv. Co. v. CommissionerUnited States Tax Court · 1944
- Macabe Co. v. CommissionerUnited States Tax Court · 1964
3 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Estate of Craft v. CommissionerUnited States Tax Court · 1977
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- Poole v. CommissionerUnited States Tax Court · 1966
- Brown v. CommissionerUnited States Tax Court · 1969
- Engineers, Ltd. Pipeline Co. v. CommissionerUnited States Tax Court · 1965
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