Madison Newspapers, Inc. v. Commissioner
United States Tax Court
Petitioner contracted on Nov. 3, 1960, to purchase an eight-unit printing press. The major pieces of the last three units were on petitioner's premises on or before Dec. 31, 1961. Petitioner paid expenses for shipment, insurance, and installation services. Installation of the three units was completed after Dec. 31, 1961. Held, petitioner is entitled to an investment credit under secs. 38 and 48(b)(2), I.R.C. 1954.
1Opinion of the Court
Tannenwald, Judge:
Respondent determined a deficiency in petitioner’s income tax for its fiscal year ended September 30,1962, in the amount of $28,077.40.
The sole issue raised is the applicability of the investment credit contained in section 381 to three units of a printing press installed in petitioner’s publishing facilities.
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly.
Petitioner is a corporation organized under the laws of the State of Wisconsin having its principal office in Madison, Wis. Petitioner is engaged in the business of publishing newspapers…
2Cases cited2 opinions
- Paul v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
- Draper v. CommissionerUnited States Tax Court · 1959
3Cited by28 opinions
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- Lykes Bros. Steamship v. United StatesUnited States Court of Claims · 1975
- Sealy Power, Ltd. v. CommissionerCourt of Appeals for the Fifth Circuit · 1995
- Consumers Power Co. v. CommissionerUnited States Tax Court · 1987
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