Hartford-Empire Co. v. Commissioner
United States Board of Tax Appeals
1. Allowances for exhaustion of patent and patent applications, acquired by petitioner in a transaction by which basis in hands of original owner is carried over, should be computed upon the basis of value thereof as of March 1, 1913, which value was previously determined by this Board. 2. Petitioner not permitted to apply against its income for 1923 and 1924 a net loss sustained in 1922 by a predecessor corporation, still in existence, for the reason that petitioner is not…
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1. Allowances for exhaustion of patent and patent applications, acquired by petitioner in a transaction by which basis in hands of original owner is carried over, should be computed upon the basis of value thereof as of March 1, 1913, which value was previously determined by this Board. 2. Petitioner not permitted to apply against its income for 1923 and 1924 a net loss sustained in 1922 by a predecessor corporation, still in existence, for the reason that petitioner is not "the taxpayer" within the meaning of section 204(b), Revenue Act of 1921, and section 206(b), Revenue Act of 1924.
1Opinion of the Court
OPINION.
Goodrich:
In these proceedings, which were consolidated for hearing, petitioner contests deficiencies asserted by respondent as follows:
1923__ $13, 619.44
1924_ 4,480. 87
1925_ 4, 367.22
1926_ 8,401. 52
1927_ 22,561. 90
1928_ 18, 688. 27
A lengthy stipulation of facts was filed, which is incorporated herein by reference as our findings of fact, but for the purpose of reporting our decision a brief summary of the stipulated facts will suffice.
Save for minor mathematical errors relating to respondent’s computations of the deficiencies, called to our attention by affirmative allegations in his…
2Cases cited1 opinion
- Marr v. United StatesSupreme Court of the United States · 1925
3Cited by4 opinions
- Hartford-Empire Co. v. Com'r of Internal RevenueCourt of Appeals for the Second Circuit · 1943
- General Finance Co. v. CommissionerUnited States Board of Tax Appeals · 1935
- Hartford-Empire Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Hartford-Empire Co. v. CommissionerUnited States Board of Tax Appeals · 1932