Sheffield Dentifrice Co. v. Commissioner
United States Board of Tax Appeals
1. In 1919 the petitioner abandoned the manufacture and sale of a trade-marked alcoholic cordial known as "Creme Yvette" on account of prohibition legislation. The cost of this trade-mark upon which this business depended was $46,875. In the audit of its income-tax return for 1919, the Commissioner allowed as a deduction from gross income $6,818.18 as obsolescence of the value of the trade-mark.
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1. In 1919 the petitioner abandoned the manufacture and sale of a trade-marked alcoholic cordial known as "Creme Yvette" on account of prohibition legislation. The cost of this trade-mark upon which this business depended was $46,875. In the audit of its income-tax return for 1919, the Commissioner allowed as a deduction from gross income $6,818.18 as obsolescence of the value of the trade-mark. Held, that the petitioner is entitled to deduct from the gross income of 1919 as a loss sustained the entire cost of the trade-mark, namely, $46,875. 2. In 1919 the petitioner and the New England…
1Opinion of the Court
SHEFFIELD DENTIFRICE CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Sheffield Dentifrice Co. v. Commissioner
Docket No. 11814.
United States Board of Tax Appeals
13 B.T.A. 877; 1928 BTA LEXIS 3150;
October 10, 1928, Promulgated
1. In 1919 the petitioner abandoned the manufacture and sale of a trade-marked alcoholic cordial known as "Creme Yvette" on account of prohibition legislation. The cost of this trade-mark upon which this business depended was $46,875. In the audit of its income-tax return for 1919, the Commissioner allowed as a deduction from gross income $6,818.18 as…
2Cases cited3 opinions
- Zakon v. CommissionerUnited States Board of Tax Appeals · 1927
- American Creosoting Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Sheffield Dentifrice Co. v. CommissionerUnited States Board of Tax Appeals · 1928