P. Dougherty Co. v. Commissioner
United States Tax Court
1. Held, on the facts, that petitioner is not entitled to include in its basis for depreciation on certain barges, or in computing operating loss carry-over, or in computing invested capital, amounts of alleged excessive depreciation charged off on its books in earlier years and later restored to capital; held, further, that such marked off depreciation may not be considered in calculating loss on three of the barges, and the loss claimed is denied. 2. Held, that $ 17,593.22…
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1. Held, on the facts, that petitioner is not entitled to include in its basis for depreciation on certain barges, or in computing operating loss carry-over, or in computing invested capital, amounts of alleged excessive depreciation charged off on its books in earlier years and later restored to capital; held, further, that such marked off depreciation may not be considered in calculating loss on three of the barges, and the loss claimed is denied. 2. Held, that $ 17,593.22 spent in rebuilding the stern of a barge was a capital expenditure. 3. Held, that petitioner's equity invested capital…
1Opinion of the Court
OPINION.
Disney, Judge:
Issue 1. — Petitioner contends that in computing depreciation on its tugs and barges it is entitled to include in the cost basis thereof the so-called “excessive depreciation” which it charged cif in its books and its income tax returns in prior years.
Some of the tugs and barges on which depreciation for prior years was computed lay idle for varying periods during the years 1922 to 1942, inclusive, and petitioner contends that for such periods they were not subject to depreciation because not'used in trade or business, within the meaning of section 23 (1) (1) of the…
2Cases cited7 opinions
- United States v. LudeySupreme Court of the United States · 1927
- Virginian Hotel Corporation v. Helvering, Commissioner of Internal RevenueSupreme Court of the United States · 1943
- Southeastern Finance Co. v. CommissionerUnited States Tax Court · 1945
- Economy Sav. & Loan Co. v. CommissionerUnited States Tax Court · 1945
- Dayton Bronze Bearing Co. v. GilliganCourt of Appeals for the Sixth Circuit · 1922
2 more not listed; retrieve them via the Exa API.
3Cited by61 opinions
- Niedringhaus v. CommissionerUnited States Tax Court · 1992
- Beck Chemical Equipment Corp. v. CommissionerUnited States Tax Court · 1957
- Norfolk Southern Corp. v. CommissionerUnited States Tax Court · 1995
- Carter-Colton Cigar Co. v. CommissionerUnited States Tax Court · 1947
- P. Dougherty Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1946
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