Dixie Mfg. Co. v. Commissioner
United States Board of Tax Appeals
A theoretical inventory computed by an examining agent held, under the facts in the case, not to be properly used by the Commissioner in the adjustment of net income. Income and invested capital otherwise adjusted in accordance with findings of fact.
1Opinion of the Court
*645OPINION.
James :
The taxpayer alleged the following errors as the basis of its appeal:
1. That the Commissioner erroneously substituted arbitrary inventories in the computation of the taxpayer’s income for each of the several years in place of the cash receipts and disbursements basis used by the taxpayer.
2. That the invested capital of the taxpayer was erroneously reduced on account of patents and good will paid in for stock.
3. That the invested capital of the taxpayer was erroneously reduced as to the years 1919 and 1920 by the deduction as to those years of the sum of $5,347.98 withdrawn by…
2Cited by8 opinions
- North American Coal Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- Coosa Land Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Timanus v. CommissionerUnited States Tax Court · 1959
- Dixie Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- International Banding Machine Co. v. CommissionerUnited States Board of Tax Appeals · 1928
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