Peninsula Shipbuilding Co. v. Commissioner
United States Board of Tax Appeals
During the years 1918, 1919, and 1920 the petitioner was engaged in building wooden ships for the United States Shipping Board Emergency Fleet Corporation on a cost-plus, fixed-fee basis, the contracts under which the work was being done providing that depreciation of plant and equipment was to be considered an element of cost.
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During the years 1918, 1919, and 1920 the petitioner was engaged in building wooden ships for the United States Shipping Board Emergency Fleet Corporation on a cost-plus, fixed-fee basis, the contracts under which the work was being done providing that depreciation of plant and equipment was to be considered an element of cost. The contracts further provided that the cost of extensions authorized by the Emergency Fleet Corporation should be considered as a part of the cost of the plant to be depreciated. The petitioner was unable to get authorization to make certain required extensions of…
1Opinion of the Court
PENINSULA SHIPBUILDING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Peninsula Shipbuilding Co. v. Commissioner
Docket No. 5741.
United States Board of Tax Appeals
9 B.T.A. 189; 1927 BTA LEXIS 2640;
November 21, 1927, Promulgated
During the years 1918, 1919, and 1920 the petitioner was engaged in building wooden ships for the United States Shipping Board Emergency Fleet Corporation on a cost-plus, fixed-fee basis, the contracts under which the work was being done providing that depreciation of plant and equipment was to be considered an element of cost. The contracts further…
2Cases cited11 opinions
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- New Process Cork Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Appeal of Citizens Trust Co. of UticaUnited States Board of Tax Appeals · 1925
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