H. S. Crocker Co. v. Commissioner
United States Board of Tax Appeals
1. INVESTED CAPITAL. - Petitioner acquired the assets and liabilities of a profitable business for stock and cash after agreement upon the values of the various items transferred.
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1. INVESTED CAPITAL. - Petitioner acquired the assets and liabilities of a profitable business for stock and cash after agreement upon the values of the various items transferred. The actual cash values of the assets for purposes of invested capital and also for the computation of depreciation, are determined to be the values agreed upon for the sale rather than an appreciation of petitioner's book values based upon an appraisal. 2. INCOME. - Petitioner acquired accounts receivable at an agreed cost which was set up on its books, together with a reserve for losses. Upon collection or charging…
1Opinion of the Court
H. S. CROCKER CO., INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
H. S. Crocker Co. v. Commissioner
Docket No. 11601.
United States Board of Tax Appeals
15 B.T.A. 175; 1929 BTA LEXIS 2909;
January 31, 1929, Promulgated
1. INVESTED CAPITAL. - Petitioner acquired the assets and liabilities of a profitable business for stock and cash after agreement upon the values of the various items transferred. The actual cash values of the assets for purposes of invested capital and also for the computation of depreciation, are determined to be the values agreed upon for the sale rather than…
2Cases cited4 opinions
- Illinois Merchants Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Weser Bros., Inc. v. CommissionerUnited States Board of Tax Appeals · 1928
- Richmond Dairy Lunch v. CommissionerUnited States Board of Tax Appeals · 1925
- H. S. Crocker Co. v. CommissionerUnited States Board of Tax Appeals · 1929