Illinois Pipe Line Co. v. Commissioner
United States Board of Tax Appeals
1. Cost of depreciable assets acquired for stock determined. 2. Commissioner fails to show that rate of depreciation is less than 5 percent. 3. Deductions for retirement losses allowed.
1Opinion of the Court
*1077OPINION.
MuRdock:
The first issue is whether the petitioner’s basis for depreciation upon the depreciable assets which it acquired on January 1, 1915, from Ohio was, in the beginning, $18,799,415, as claimed by the petitioner, or was $10,191,412.14, the amount used by the Commissioner in determining the deficiency.1 The petitioner claimed certain deductions for depreciation on its returns and the Commissioner disallowed the part thereof which was computed upon the assets acquired on January 1, 1915, from Ohio. He allowed the deductions claimed upon the remaining assets of the petitioner and…
2Cases cited2 opinions
- UTAH POWER & LIGHT CO. v. PFOST, COMMISSIONER OF LAW ENFORCEMENT, Et Al.Supreme Court of the United States · 1932
- Burnet v. Niagara Falls Brewing Co.Supreme Court of the United States · 1931
3Cited by2 opinions
- Illinois Pipe Line Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Mason City Brick & Tile Co. v. HustonDistrict Court, N.D. Iowa · 1941