Lawrence Y. S. Au and Wrona K. H. Au v. Commissioner of Internal Revenue

Ninth Circuit

Lawrence Y. S. Au and Wrona K. H. Au v. Commissioner of Internal Revenue

330 F.2d 1008

Court of Appeals for the Ninth Circuit·Decided June 8, 1964·No. 18910_1·Published·Cited by 11 cases

Opinion

PER CURIAM.

The Tax Court held that the basis for depreciation of a nonbusiness property which the taxpayers transferred to a business partnership as part of their contribution was the fair market value of such property at the time of such transaction (40 T.C. 264). This conclusion finds support in and is consistent with *1009 the doctrine implied in Helvering v. Owens, 305 U.S. 468, 59 S.Ct. 260, 83 L.Ed. 292 (1939).

The judgment of the Tax Court in determining a deficiency is affirmed.

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PER CURIAM.

The Tax Court held that the basis for depreciation of a nonbusiness property which the taxpayers transferred to a business partnership as part of their contribution was the fair market value of such property at the time of such transaction (40 T.C. 264). This conclusion finds support in and is consistent with *1009 the doctrine implied in Helvering v. Owens, 305 U.S. 468, 59 S.Ct. 260, 83 L.Ed. 292 (1939).

The judgment of the Tax Court in determining a deficiency is affirmed.

Lawrence Y. S. Au and Wrona K. H. Au v. Commissioner of Internal Revenue, 330 F.2d 1008 (9th Cir. 1964).

Pincite

330 F.2d 1008 (Lawrence Y. S. Au and Wrona K. H. Au v. Commissioner of Internal Revenue) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Opinion

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