W. K. Co. v. Commissioner
United States Tax Court
Petitioners seek to amortize the cost of certain taxicab licenses acquired in 1963. The Chicago Municipal Code provides for no increase in the number of licenses for a 5-year period, but is silent as to reductions. Petitioners seek to use the aforementioned 5-year period as the useful life of the licenses. Held, the licenses have an indeterminate useful life. The 5-year period is not determinative of the useful life of the licenses herein.
1Opinion of the Court
TietjeNS, Judge:
The Commissioner determined the following income tax deficiencies in these consolidated cases:
Taxable Docket year Deficiency Petitioners No. ended
W. K. Co. and its wholly owned Subsidiary — Public Taxi Service, Ine_ 4668-69 Courteous Cab Co.-.. 4669-69 Courteous Cab Co., successor by merger to Gemini Cab Co_.— 4660-69 Courteous Cab Co., successor by merger to Four Star Cab Co. 4661-69 Courteous Cab Co., successor by merger to Venus Cab Corp. 4662-69 Courteous Cab Co., successor by mergor to Jupiter Cab Corp. 4663-69 Courteous Cab Co., successor by merger to Leo Cab Co..…
2Cases cited6 opinions
- Nachman v. Commissioner of Internal Revenue. Tobias v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Nachman v. CommissionerUnited States Tax Court · 1949
- Toledo TV Cable Co. v. CommissionerUnited States Tax Court · 1971
- Yellow Cab Co. v. City of ChicagoIllinois Supreme Court · 1947
- Smith v. CommissionerUnited States Tax Court · 1970
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Van De Steeg v. CommissionerUnited States Tax Court · 1973
- Mills Pharmaceuticals, Inc. v. CommissionerUnited States Tax Court · 1971
- Cutler v. CommissionerUnited States Tax Court · 1977
- Mills Pharmaceuticals, Inc. v. CommissionerUnited States Tax Court · 1971
- Van De Steeg v. CommissionerUnited States Tax Court · 1973
1 more not listed; retrieve them via the Exa API.