Pierce Oil Corp. v. Commissioner
United States Board of Tax Appeals
1. Special assessment required: a. Invested capital can not be determined. b. A mixed aggregate of tangible and intangible properties was paid in for shares, cash, and obligations and an allocation can not be made. c.
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1. Special assessment required: a. Invested capital can not be determined. b. A mixed aggregate of tangible and intangible properties was paid in for shares, cash, and obligations and an allocation can not be made. c. Abnormal conditions of capital and income are prima facie indicated by large borrowings and valuable intangibles which may not be included in invested capital. 2. Seller's breach in 1920 of a contract made in 1919 to deliver oil, does not affect seller's 1920 income, if seller contests liability and defends suit, judgment going against it in 1923 and compromised in 1924 after…
1Opinion of the Court
*413Opinion. — For 1918 and 1919 the petitioner claims special assessment under sections 327 and 328, Eevenue Act of 1918, and expressly disclaims special assessment for 1920. In accordance with Rule 62, the inquiry is limited at this stage to whether special assessment is indicated by the evidence, leaving for further presentation and consideration the data in respect of comparative corporations and the measure of the profits tax. The respondent, after traversing most of the substantial items which petitioner seeks to include in invested capital, has also denied special assessment and has…
2Cases cited22 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Burnet v. HarmelSupreme Court of the United States · 1932
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Brown v. HelveringSupreme Court of the United States · 1934
17 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- J. C. Penney Co. v. CommissionerUnited States Tax Court · 1962
- Southern Natural Gas Company v. The United StatesUnited States Court of Claims · 1969
- Dodge Brothers v. United StatesCourt of Appeals for the Fourth Circuit · 1941
- Moore-McCormack Lines, Inc. v. CommissionerUnited States Tax Court · 1965
- Erie Lackawanna Railroad Company v. The United StatesUnited States Court of Claims · 1970
22 more not listed; retrieve them via the Exa API.