Buckwalter v. Commissioner

HICKENLOOPER, Circuit Judge.

The petitioner is one of the vice presidents of the Timken Roller Bearing Company and complains that in the assessment of his personal ineome tax for the years 1924 and 1925 he was denied a deduction for the exhaustion of two patents owned by him and susceptible to valuation as of March 1, 1913, but which had not been exploited in any way, as by the granting of licenses or the prosecution of suits against infringers. One of these patents covered a special design of truck for use in creosoting railroad ties, and the other a roller bearing assembly for the axles of…