Appeal of Washington Paper Stock Co.

Board of Tax Appeals

Appeal of Washington Paper Stock Co.

1 B.T.A. 1117

United States Board of Tax Appeals·Decided May 6, 1925·No. Docket No. 1321·Published·Cited by 1 cases

Opinion

DECISION.

The determination of the Commissioner is disapproved in part. There should be allowed, as a loss by fire not compensated for by insurance or otherwise, in the year 1920, the amount of depreciation disallowed in 1919 and 1920, and the net income for 1920 should be reduced by $5,000 salaries payable to officers, erroneously included as income. The deficiency will be settled on consent or on seven days’ notice under Rule 50.

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DECISION.

The determination of the Commissioner is disapproved in part. There should be allowed, as a loss by fire not compensated for by insurance or otherwise, in the year 1920, the amount of depreciation disallowed in 1919 and 1920, and the net income for 1920 should be reduced by $5,000 salaries payable to officers, erroneously included as income. The deficiency will be settled on consent or on seven days’ notice under Rule 50.

Appeal of Washington Paper Stock Co., 1 B.T.A. 1117 (bta 1925).

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Opinion

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