Warner Mountains Lumber Co. v. Commissioner
United States Tax Court
1. Capitalization of Expenditures -- Properly Chargeable to Capital Account -- Sec. 113 (b) (1) (A). -- The propriety of capitalizing various expenditures determined.
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1. Capitalization of Expenditures -- Properly Chargeable to Capital Account -- Sec. 113 (b) (1) (A). -- The propriety of capitalizing various expenditures determined. Held, inter alia, that expenses of unsuccessful efforts to sell are not properly chargeable to capital account. 2. Capitalization of Expenditures -- Carrying Charges on Unproductive Property. -- Sec. 113 (b) (1) (A). -- The propriety of charging or of not charging certain items to capital as carrying charges on unproductive property determined. 3. Capital Assets. -- Standing timber held to be a capital asset.
1Opinion of the Court
Warner Mountains Lumber Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Warner Mountains Lumber Co. v. Commissioner
Docket No. 10154
United States Tax Court
9 T.C. 1171; 1947 U.S. Tax Ct. LEXIS 5;
December 23, 1947, Promulgated
Decision will be entered under Rule 50.
1. Capitalization of Expenditures -- Properly Chargeable to Capital Account -- Sec. 113 (b) (1) (A). -- The propriety of capitalizing various expenditures determined. Held, inter alia, that expenses of unsuccessful efforts to sell are not properly chargeable to capital account.
2. Capitalization of Expenditures --…
2Cases cited4 opinions
- Spreckels v. CommissionerSupreme Court of the United States · 1942
- Warner Mountains Lumber Co. v. CommissionerUnited States Tax Court · 1947
- Jackson v. CommissionerUnited States Tax Court · 1947
- Pittsburgh & West Virginia Railway Co. v. CommissionerUnited States Tax Court · 1947