Peninsula Shipbuilding Co. v. Commissioner
United States Board of Tax Appeals
During the years 1918, 1919, and 1920, the petitioner was engaged in building wooden ships for the United States Shipping Board Emergency Fleet Corporation on a cost plus fixed fee basis, the contracts under which the work was being done providing that depreciation of plant and equipment was to be considered an element of cost.
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During the years 1918, 1919, and 1920, the petitioner was engaged in building wooden ships for the United States Shipping Board Emergency Fleet Corporation on a cost plus fixed fee basis, the contracts under which the work was being done providing that depreciation of plant and equipment was to be considered an element of cost. Held, that the petitioner was not entitled to deduct from gross income, in its tax returns for the years 1918, 1919, and 1920, amounts for amortization of property which were reimbursed to the petitioner in 1923.
1Opinion of the Court
APPEAL OF PENINSULA SHIPBUILDING CO.
Peninsula Shipbuilding Co. v. Commissioner
Docket No. 5741.
United States Board of Tax Appeals
5 B.T.A. 739; 1926 BTA LEXIS 2793;
December 8, 1926, Promulgated
During the years 1918, 1919, and 1920, the petitioner was engaged in building wooden ships for the United States Shipping Board Emergency Fleet Corporation on a cost plus fixed fee basis, the contracts under which the work was being done providing that depreciation of plant and equipment was to be considered an element of cost. Held, that the petitioner was not entitled to deduct from gross income, in its…
2Cases cited1 opinion
- Appeal of Peninsula Shipbuilding Co.United States Board of Tax Appeals · 1926