International Banding Machine Co. v. Commissioner

INTERNATIONAL BANDING MACHINE CO., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

International Banding Machine Co. v. Commissioner

Docket No. 13744.

United States Board of Tax Appeals

12 B.T.A. 1062; 1928 BTA LEXIS 3413;

June 30, 1928, Promulgated

The cash value of an application for a patent paid into the petitioner corporation in 1907 in exchange for shares of stock and cash determined.

Isidor Wels, Esq., for the petitioner.

LeRoy L. Hight, Esq., and J. M. Morawski, Esq., for the respondent.

SMITH

This is a proceeding for the redetermination of a deficiency in income and profits tax for…