Forrester Box Co. v. Commissioner
United States Board of Tax Appeals
1. In 1922 petitioner exchanged capital stock for certain depreciable assets. The transaction was held to be a taxable exchange in Forrester Box Co.,25 B.T.A. 128, and is now res judicata. These assets were leased upon acquisition and thereafter some were sold on installments in 1929. One installment was received in 1935. The lease provided for the return of the assets in as good condition as when received, "reasonable wear and tear, * * * excepted."
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1. In 1922 petitioner exchanged capital stock for certain depreciable assets. The transaction was held to be a taxable exchange in Forrester Box Co.,25 B.T.A. 128, and is now res judicata. These assets were leased upon acquisition and thereafter some were sold on installments in 1929. One installment was received in 1935. The lease provided for the return of the assets in as good condition as when received, "reasonable wear and tear, * * * excepted." Held, petitioner's basis for determining gain on the sale is cost, which must be adjusted by depreciation sustained between date of acquisition…
1Opinion of the Court
FORRESTER BOX COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Forrester Box Co. v. Commissioner
Docket No. 93748.
United States Board of Tax Appeals
43 B.T.A. 657; 1941 BTA LEXIS 1473;
February 18, 1941, Promulgated
1. In 1922 petitioner exchanged capital stock for certain depreciable assets. The transaction was held to be a taxable exchange in Forrester Box Co.,25 B.T.A. 128, and is now res judicata. These assets were leased upon acquisition and thereafter some were sold on installments in 1929. One installment was received in 1935. The lease provided for the return of the…
2Cases cited11 opinions
- United States v. LudeySupreme Court of the United States · 1927
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
- Weiss v. WeinerSupreme Court of the United States · 1929
- Flynn v. CommissionerUnited States Board of Tax Appeals · 1937
- Nashville, C. & St. L. Ry. Co v. United StatesCourt of Appeals for the Sixth Circuit · 1920
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