W. M. Ritter Lumber Co. v. Commissioner
United States Board of Tax Appeals
1. DEPLETION AND GAIN OR LOSS - BASIS. - March 1, 1913, value of five blocks of timber determined for depletion (Issue 1); as basis for gain or loss on sales (Issue 3); also March 1, 1913, value of lands determined as basis for gain or loss on sales (Issues 4 and 5). 2. DEPLETION AND INVESTED CAPITAL. - (Issue 2) Certain agreement held to be a lease and not a sale.
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1. DEPLETION AND GAIN OR LOSS - BASIS. - March 1, 1913, value of five blocks of timber determined for depletion (Issue 1); as basis for gain or loss on sales (Issue 3); also March 1, 1913, value of lands determined as basis for gain or loss on sales (Issues 4 and 5). 2. DEPLETION AND INVESTED CAPITAL. - (Issue 2) Certain agreement held to be a lease and not a sale. Adjustment of remaining unrecovered capital cost of certain timber on January 1, 1920, as determined by respondent, denied. 3. AFFILIATION. - (Issue 8) Where, on May 15, 1923, Ritter Co. purchased 83.8 percent of common stock, 98.8…
1Opinion of the Court
*259OPINION.
Leech :
In presenting the evidence upon which the first issue must be decided the parties have submitted for our consideration a most voluminous record, consisting of the testimony of numerous expert witnesses, maps, publications, schedules, computations, and timber questionnaires. This opinion would be interminable if we endeavored to include in our findings of fact all of the data considered in arriving at the March 1, 1913, values as found for the five blocks of timber, respectively.
A careful study has been made of the maps, data, and testimony showing the relative location and…
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