Belridge Oil Co. v. Commissioner

BELRIDGE OIL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Belridge Oil Co. v. Commissioner

Docket No. 31218.

United States Board of Tax Appeals

26 B.T.A. 810; 1932 BTA LEXIS 1240;

August 16, 1932, Promulgated

"Actual cash value" of an option, paid in for capital stock, determined for invested capital purposes.

John B. Milliken, Esq., for the petitioner.

R. W. Wilson, Esq., for the respondent.

MORRIS

This proceeding is for the redetermination of a deficiency in income and excess-profits taxes of $45,293.85 for the year 1921 and deficiencies in income tax of $4,692.89 and…