Bauman Iron Works, Inc. v. Commissioner

Board of Tax Appeals

Bauman Iron Works, Inc. v. Commissioner

11 B.T.A. 794, 1928 BTA LEXIS 3731

CourtUnited States Board of Tax Appeals

DecidedApril 23, 1928

DocketDocket No. 13961.

StatusPublished

Cited by1 cases

This text of 11 B.T.A. 794 (Bauman Iron Works, Inc. 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

Bauman Iron Works, Inc. v. Commissioner, 11 B.T.A. 794, 1928 BTA LEXIS 3731 (bta 1928).

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Opinion

[795]*795OPINION.

Aeundell:

The parties are in agreement that our decision on the invested capital question is governed by the provisions of section 331 of the Revenue Act of 1918. Section 331 provides, in a situation such as we have here, that for the purpose of determining invested capital no asset transferred or received from the previous owner shall “be allowed a greater value than would have been allowed under this title in computing the invested capital of such previous owner if such asset has not been so transferred or received.”

We have no evidence before us of the cost of the property transferred to the petitioner by the Bauman Iron Works of Reading, [796]*796Pennsylvania, and the Architectural Iron Works, and must, therefore, affirm the action of the respondent. See Union Credit Reporting Co., 6 B. T. A. 600.

Not having been informed of the amount, cost or value of the property on which depreciation was taken, we are without a basis to determine whether the amount should be different from that allowed by the respondent.

The record.is devoid of evidence on the questions raised involving loss on discarded machinery and gain or loss on the sale of buildings and land, because of which the respondent’s action in connection therewith is sustained.

Judgment will be entered for the respondent.

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[795]*795OPINION.

Aeundell:

The parties are in agreement that our decision on the invested capital question is governed by the provisions of section 331 of the Revenue Act of 1918. Section 331 provides, in a situation such as we have here, that for the purpose of determining invested capital no asset transferred or received from the previous owner shall “be allowed a greater value than would have been allowed under this title in computing the invested capital of such previous owner if such asset has not been so transferred or received.”

We have no evidence before us of the cost of the property transferred to the petitioner by the Bauman Iron Works of Reading, [796]*796Pennsylvania, and the Architectural Iron Works, and must, therefore, affirm the action of the respondent. See Union Credit Reporting Co., 6 B. T. A. 600.

Not having been informed of the amount, cost or value of the property on which depreciation was taken, we are without a basis to determine whether the amount should be different from that allowed by the respondent.

The record.is devoid of evidence on the questions raised involving loss on discarded machinery and gain or loss on the sale of buildings and land, because of which the respondent’s action in connection therewith is sustained.

Judgment will be entered for the respondent.

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11 B.T.A. 794, 1928 BTA LEXIS 3731, Counsel Stack Legal Research, https://law.counselstack.com/opinion/bauman-iron-works-inc-v-commissioner-bta-1928.

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