D. N. & E. Walter & Co. v. Commissioner
United States Board of Tax Appeals
1. Value of good will acquired by D.N. & E. Walter & Co., Inc., at date of organization, determined for the purpose of invested capital. 2. Intangible property may not be included in invested capital as a paid-in surplus.
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1. Value of good will acquired by D.N. & E. Walter & Co., Inc., at date of organization, determined for the purpose of invested capital. 2. Intangible property may not be included in invested capital as a paid-in surplus. Appeal of Herald-Despatch Co.,4 B.T.A. 1096. 3. Where a mixed aggregate of tangible and intangible property is acquired by a corporation with shares of capital stock, and the aggregate cash value of the property, at the date paid in, is greater than the aggregate par value of the shares of stock issued for such property, the stock must be deemed to have been issued for the…
1Opinion of the Court
*628OPINION.
ARundell:
As to the first issue, the D. N. & E. Walter & Co., Inc., contends that it acquired good will from the predecessor partnership of the value of $268,771, which it is entitled to have included in its invested capital, as a paid-in surplus, and that respondent erred in his determination of the tax liability for 1920 in failing to so include it. Respondent entered a general denial to petitioner’s contentions.
Succeeding to the business of the partnership of D. N. & E. Walter & Co. in 1896, the petitioner, bearing the same name, came into possession of an established business which…
2Cited by16 opinions
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- Dritz v. CommissionerUnited States Tax Court · 1969
- Plaut v. SmithDistrict Court, D. Connecticut · 1949
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