F. Tinker & Sons Co. v. Commissioner
United States Board of Tax Appeals
1. Evidence held not to prove that the actual cash value of the assets of a predecessor partnership paid in to the taxpayer corpotion for $55,000 par value capital stock was in excess of $55,000. 2. A corporation which acquires property from a partnership and as a part of the consideration assumes certain specified liabilities of the partnership is not entitled to deduct from gross income in its tax return for 1918 an amount paid in liquidating an unrecorded and undetermined…
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1. Evidence held not to prove that the actual cash value of the assets of a predecessor partnership paid in to the taxpayer corpotion for $55,000 par value capital stock was in excess of $55,000. 2. A corporation which acquires property from a partnership and as a part of the consideration assumes certain specified liabilities of the partnership is not entitled to deduct from gross income in its tax return for 1918 an amount paid in liquidating an unrecorded and undetermined liability.
1Opinion of the Court
*801OPINION.
Smith:
The questions involved in this appeal are: (1) Whether the taxpayer is entitled to include in its invested capital for the tax years 1917 to 1920, inclusive, a claimed paid-in surplus of $16,536.12, and (2) whether the taxpayer is entitled to deduct from the gross income shown upon its tax return for 1918, $7,536.96 paid for legal services rendered to the predecessor partnership and to the taxpayer from the date of organization to December 31, 1917.
• The pertinent facts with respect to the claim of the taxpayer for a paid-in surplus of $16,536.12 are set forth in the findings of…
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