Illinois Pipe Line Co. v. Commissioner

ILLINOIS PIPE LINE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Illinois Pipe Line Co. v. Commissioner

Docket No. 74525.

United States Board of Tax Appeals

37 B.T.A. 1070; 1938 BTA LEXIS 940;

June 21, 1938, Promulgated

1. Cost of depreciable assets acquired for stock determined.

2. Commissioner fails to show that rate of depreciation is less than 5 percent.

3. Deductions for retirement losses allowed.

James S. Y. Ivins, Esq., O. R. Folsom-Jones, Esq., Arthur M. Gee, Esq., and Wendell Stevens, Esq., for the petitioner.

D. A. Taylor, Esq., and E. G. Sievers, Esq., for the…