Dean v. Hoffheimer Bros.

MOORMAN, Circuit Judge.

As a result of the passage of the Food Control Act (40 Stat. 273, 276) appellee was compelled to close its distillery in September of 1917. Because of that act and the imminency of the adoption of the Eighteenth Amendment, it determined May 2, 1918, to discontinue its business as a distiller and manufacturer of whiskies. At that time the depreciated cost or March 1,1913, value of its distilling properties was $223,632.11. On June 29th it charged off on its books against this a loss in useful value, not including real estate, of $140,152.32. The property was sold in…