Planters Gin Co. v. Commissioner
United States Board of Tax Appeals
A four-party partnership was terminated by the death of one of its members. Thereafter two of the surviving partners acquired the interest of the deceased member from his estate for less than its book value at date of decedent's death.
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A four-party partnership was terminated by the death of one of its members. Thereafter two of the surviving partners acquired the interest of the deceased member from his estate for less than its book value at date of decedent's death. A new partnership was formed to which each of the surviving partners contributed his interest in the prior partnership and to which two of the members contributed the share of the deceased partner which they had acquired for less than its value on the books of such prior partnership. Thereafter all the assets of the second partnership were transferred to the…
1Opinion of the Court
*23OPINION.
Lansdon:
The single question here is whether the correct basis for computing allowances for depreciation of the physical assets used by the petitioner in its business in the taxable year is the cost of such property to the original partnership, or such basis reduced proportionately by the purchase of the Phillips interest by Wooten and J. W. Simmons at a cost to them which was less than the book value thereof in the amount of $62,985.06. While the records indicate that the advances made as set out in our findings of fact may have been loans, there is nó proof that repayment except by…
2Cases cited9 opinions
- Wilson v. CommissionerUnited States Board of Tax Appeals · 1929
- Cameron v. CommissionerUnited States Board of Tax Appeals · 1927
- Archbald v. CommissionerUnited States Board of Tax Appeals · 1933
- Carroll v. CommissionerUnited States Board of Tax Appeals · 1932
- Harris v. CommissionerUnited States Board of Tax Appeals · 1928
4 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Flannery v. United StatesDistrict Court, D. Maryland · 1938
- Planters Gin Co. v. CommissionerUnited States Board of Tax Appeals · 1933