Amazeen Shoe Co. v. Commissioner

Board of Tax Appeals

Amazeen Shoe Co. v. Commissioner

15 B.T.A. 1208, 1929 BTA LEXIS 2711

United States Board of Tax Appeals·Decided April 1, 1929·No. Docket No. 12111.·Published·Cited by 1 cases

Opinion

[1209] OPINION.

Teussell :

The testimony of the witnesses establishes that the correct value of the inventory on July 1, 1920, was $22,295.45 and that the write-up in the amount of $15,220.83 on the petitioner’s books was merely for the purpose of making the total of the assets equal the total par value of the stock issued therefor.

The correct value of the inventory on July 1,1920, is the only question in issue and respondent’s action must be affirmed.

Judgment will be entered for the respondent.

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[1209] OPINION.

Teussell :

The testimony of the witnesses establishes that the correct value of the inventory on July 1, 1920, was $22,295.45 and that the write-up in the amount of $15,220.83 on the petitioner’s books was merely for the purpose of making the total of the assets equal the total par value of the stock issued therefor.

The correct value of the inventory on July 1,1920, is the only question in issue and respondent’s action must be affirmed.

Judgment will be entered for the respondent.

Amazeen Shoe Co. v. Commissioner, 15 B.T.A. 1208, 1929 BTA LEXIS 2711 (bta 1929).

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Opinion

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