Chicago Lumber Co. v. Commissioner
United States Board of Tax Appeals
1. Cost of an improvement partly on vacated streets and alleys held to be a capital expenditure. 2. A certain deposit for the purpose of guaranteeing observance of the rules of a trade organization held deductible as expense in the year in which it was forfeited.
1Opinion of the Court
*917OPINION.
Lansdon:
At the hearing of the proceeding the petitioner abandoned its first allegation of error. It follows, therefore, that the determination of the Commissioner in respect of the amount of $7,329.99 alleged to have been improperly excluded from invested capital for each of the years 1917 to 1920, inclusive, must be approved.
The Commissioner disallowed the cost of the flood wall erected in 1920 on lands owned by the petitioner and alleys surrounded by such lands which had been vacated by ordinance of the city of Omaha as an *918ordinary and necessary expense and held that the same was a…
2Cases cited1 opinion
- State ex rel. City of Lincoln v. Chicago, Rock Island & Pacific Railway Co.Nebraska Supreme Court · 1913
3Cited by1 opinion
- Chicago Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1930