Tennessee Consol. Coal Co. v. Commissioner
United States Board of Tax Appeals
1. Loss due to abandonment of coke ovens held not substantiated. 2. Depreciated cost of coke ovens as at January 1, 1920, determined for invested capital purposes. 3. Cost of mining equipment necessary to maintain the normal output of a mine allowed as a deduction from gross income.
1Opinion of the Court
*372OPINION.
Seawell :
The first error assigned is that, “ In computing taxable net income for 1920, the Commissioner has erroneously disallowed a loss of $52,312.06 sustained by petitioner upon the abandonment of its coke ovens in that year.” We are unable to agree that the facts presented justify the deduction. The ovens in question were originally constructed in and about 1883 and were operated by the predecessor owner until 1903, when a strike occurred which kept them idle until acquisition by the petitioner in 1905. They were likewise not operated from date of acquisition by petitioner until…
2Cited by5 opinions
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- Missouri-Kansas Pipe Line Co. v. CommissionerUnited States Tax Court · 1944
- Tennessee Consol. Coal Co. v. CommissionerUnited States Board of Tax Appeals · 1931