American Leather Prods. Co. v. Commissioner

Board of Tax Appeals

American Leather Prods. Co. v. Commissioner

7 B.T.A. 1043, 1927 BTA LEXIS 3045

CourtUnited States Board of Tax Appeals

DecidedAugust 8, 1927

DocketDocket No. 10619.

StatusPublished

This text of 7 B.T.A. 1043 (American Leather Prods. Co. v. Commissioner) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

American Leather Prods. Co. v. Commissioner, 7 B.T.A. 1043, 1927 BTA LEXIS 3045 (bta 1927).

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Opinion

Smith:

This is a proceeding for the redetermination of a deficiency in income and profits tax for the calendar year 1920 in an amount less than $10,000. All issues have been withdrawn except that with respect to the correctness of the Commissioner’s action in reducing petitioner’s invested capital for 1920 by reason of accruing a tentative tax for the year 1920 pro rata throughout the year. This reduced the amount available for dividends on March 15,1920, by an amount alleged to be $1,873.43. The answer of the Commissioner admits that the Commissioner did not adjust the petitioner’s invested capital in accordance with the decision of the Board in Appeal of L. S. Ayers & Co., 1 B. T. A. 1135. The deficiency should be redetermined in accordance with the rule laid down in that appeal.

Judgment will be entered on 15 days' notice, under Bule 50.

Considered by Littleton.

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Smith:

This is a proceeding for the redetermination of a deficiency in income and profits tax for the calendar year 1920 in an amount less than $10,000. All issues have been withdrawn except that with respect to the correctness of the Commissioner’s action in reducing petitioner’s invested capital for 1920 by reason of accruing a tentative tax for the year 1920 pro rata throughout the year. This reduced the amount available for dividends on March 15,1920, by an amount alleged to be $1,873.43. The answer of the Commissioner admits that the Commissioner did not adjust the petitioner’s invested capital in accordance with the decision of the Board in Appeal of L. S. Ayers & Co., 1 B. T. A. 1135. The deficiency should be redetermined in accordance with the rule laid down in that appeal.

Judgment will be entered on 15 days' notice, under Bule 50.

Considered by Littleton.

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Bluebook (online)

7 B.T.A. 1043, 1927 BTA LEXIS 3045, Counsel Stack Legal Research, https://law.counselstack.com/opinion/american-leather-prods-co-v-commissioner-bta-1927.

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