Martin Bros. Container & Timber Products Corp. v. State Tax Commission

The defendant State Tax Commission levied a corporate excise tax deficiency assessment against plaintiff for the year 1963. Plaintiff brought a proceeding in the Oregon Tax Court to set aside the assessment. 3 OTR Adv Sh 117 (1967). It appealed to this court from an adverse determination there.

Plaintiff was the owner of a sawmill which was destroyed by fire in the year 1963. At the time of its destruction, the mill had a depreciated value for tax purposes (adjusted basis) of $57,683.95. The proceeds from fire insurance were $490,631.77. The loss was paid by the insurer during the year of…