William A. Webster Co. v. Commissioner
United States Board of Tax Appeals
Petitioner filed its capital stock tax returns on July 29, 1933, disclosing an original declared value for its entire capital stock of $395,157. Thereafter, on September 8, 1933, within the time for filing capital stock tax returns for that year, petitioner filed an "amended return" which disclosed a declared value for its capital stock of $800,000. Respondent declined to recognize the "amended return" and computed deficiencies in petitioner's income and excess profits taxes…
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Petitioner filed its capital stock tax returns on July 29, 1933, disclosing an original declared value for its entire capital stock of $395,157. Thereafter, on September 8, 1933, within the time for filing capital stock tax returns for that year, petitioner filed an "amended return" which disclosed a declared value for its capital stock of $800,000. Respondent declined to recognize the "amended return" and computed deficiencies in petitioner's income and excess profits taxes on the basis of the stock value declared by petitioner in its first return, pursuant to the provisions of sections…
1Opinion of the Court
OPINION.
Hill :
This proceeding is for the redetermination of deficiencies in income and excess profits taxes for the fiscal year ended February 28, 1934, in the amounts of $2.34 and $2,357.99, respectively. Petitioner assigned as errors the action of the respondent (a) in failing to allow *801“certain depreciation on Furniture and Fixtures”, and (b) in failing to allow “the declared value of Capital Stock as stated by the petitioner”, which alleged errors were denied by respondent.
The first issue above indicated apparently was abandoned by petitioner, no evidence being offered thereon. In its…
2Cases cited2 opinions
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