J. Weingarten, Inc. v. Commissioner
United States Board of Tax Appeals
1. In 1937 the petitioner, at a cost of $20,413.80, acquired certain contracts from the Keedoozle Corporation for the operation of food stores by the use of electrical devices. At the time such method of operation was in an experimental stage. During the latter part of 1937 the Keedoozle Corporation abandoned its efforts to perfect the electrical devices. The petitioner, upon learning of such abandonment, charged off as a loss its investment in the contracts.
Read the full summary
1. In 1937 the petitioner, at a cost of $20,413.80, acquired certain contracts from the Keedoozle Corporation for the operation of food stores by the use of electrical devices. At the time such method of operation was in an experimental stage. During the latter part of 1937 the Keedoozle Corporation abandoned its efforts to perfect the electrical devices. The petitioner, upon learning of such abandonment, charged off as a loss its investment in the contracts. Held, that the loss was sustained in 1937. 2. In 1937 the petitioner elected to redeem its outstanding 8 percent and 7 percent…
1Opinion of the Court
J. WEINGARTEN, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
J. Weingarten, Inc. v. Commissioner
Docket No. 99707.
United States Board of Tax Appeals
44 B.T.A. 798; 1941 BTA LEXIS 1270;
June 25, 1941, Promulgated
1. In 1937 the petitioner, at a cost of $20,413.80, acquired certain contracts from the Keedoozle Corporation for the operation of food stores by the use of electrical devices. At the time such method of operation was in an experimental stage. During the latter part of 1937 the Keedoozle Corporation abandoned its efforts to perfect the electrical devices. The…
2Cases cited3 opinions
- South Atlantic Steamship Line v. CommissionerUnited States Board of Tax Appeals · 1940
- J. Weingarten, Inc. v. CommissionerUnited States Board of Tax Appeals · 1941
- Colorado Life Co. v. CommissionerUnited States Board of Tax Appeals · 1934