Durand-McNeil-Horner Co. v. Commissioner

OPINION.

Smith:

These proceedings, consolidated for hearing, involve income tax deficiencies as follows:

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The questions presented by the petitions relate principally to the basis to be used in the computation of gain or loss and in the computation of depreciation allowances on assets acquired from the consolidating corporations. They also allege that the deficiencies are barred by the statute of limitations.

At the hearing of these proceedings a stipulation of facts covering all issues at that time urged upon us by the petitioner was filed. No data are contained in such stipulation…