Arcade Dep't Store, Inc. v. Commissioner
United States Board of Tax Appeals
1. Inventory adjustment made by the respondent approved. 2. Basis for depreciation deductions for taxable period and year redetermined. 3. Evidence insufficient to determine that the respondent erred as to certain deductions claimed on account of bad debts and salaries of officers. 4. Under the laws of Washington state personal property taxes are due in the first year subsequent to the levy thereof.
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1. Inventory adjustment made by the respondent approved. 2. Basis for depreciation deductions for taxable period and year redetermined. 3. Evidence insufficient to determine that the respondent erred as to certain deductions claimed on account of bad debts and salaries of officers. 4. Under the laws of Washington state personal property taxes are due in the first year subsequent to the levy thereof. Held, such taxes in this controversy were deductible from petitioner's income in the years levied, though not paid until the following years. 5. In the circumstances herein the statute of…
1Opinion of the Court
*1175OPINION.
Lansdon:
The issues involved in this proceeding are fully set forth in our preliminary statement and need not be repeated here. They will be discussed and decided in the order there stated.
When the petitioner began business on August 17, 1918, it took into its asset accounts the estimated value of certain merchandise which it acquired from predecessor concerns in exchange for its stock. At that date all the parties in interest were in agreement as to such value. At some undisclosed date, but prior to December 31, 1918, certain of the prior owners became dissatisfied with the values…
2Cases cited1 opinion
- Russell v. United StatesSupreme Court of the United States · 1929
3Cited by6 opinions
- Simon J. Murphy Company and Social Research Foundation, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
- American Laundry Machinery Co. v. CommissionerUnited States Board of Tax Appeals · 1935
- Arcade Dep't Store, Inc. v. CommissionerUnited States Board of Tax Appeals · 1930
- Leamington Hotel Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- New Orleans Cold Storage & Warehouse Co. v. CommissionerUnited States Board of Tax Appeals · 1939
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