Semon Bache & Co. v. Commissioner

Board of Tax Appeals

Semon Bache & Co. v. Commissioner

15 B.T.A. 183, 1929 BTA LEXIS 2904

CourtUnited States Board of Tax Appeals

DecidedFebruary 1, 1929

DocketDocket No. 9744.

StatusPublished

Cited by2 cases

This text of 15 B.T.A. 183 (Semon Bache & 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

Semon Bache & Co. v. Commissioner, 15 B.T.A. 183, 1929 BTA LEXIS 2904 (bta 1929).

Pincite

Opinion

[185]*185OPINION.

Siepkin :

We are without sufficient evidence to establish the basis for computing the loss deduction claimed. The record shows only that $66,000.44 was expended for samples, etc., added to the collection, and for precision measuring instruments and dies, and that the articles in the collection tended to enhance in value. The latter fact of appreciation tends to show the costs of the articles were less than their value on March 1, 1913, were it not for the fact of breakage. The extent of breakage is, at least, in doubt and we can not resolve doubtful facts in favor of the petitioner. Also, expensive instruments and dies were, included in property destroyed. The record does not show anything respecting depreciation or useful life of such articles. We can not assume that they suffered no depreciation over such a long period of time or that they were not worn out or lost prior to the basic date — to say nothing of our inability to determine the relation between their original cost and their value on March 1, 1913.

Accordingly, we must approve the denial of the loss deduction claimed for the year 1919.

The case will be restored to the calendar for further proceedings under Eule No. 62.

Free access — add to your briefcase to read the full text and ask questions with AI

[185]*185OPINION.

Siepkin :

We are without sufficient evidence to establish the basis for computing the loss deduction claimed. The record shows only that $66,000.44 was expended for samples, etc., added to the collection, and for precision measuring instruments and dies, and that the articles in the collection tended to enhance in value. The latter fact of appreciation tends to show the costs of the articles were less than their value on March 1, 1913, were it not for the fact of breakage. The extent of breakage is, at least, in doubt and we can not resolve doubtful facts in favor of the petitioner. Also, expensive instruments and dies were, included in property destroyed. The record does not show anything respecting depreciation or useful life of such articles. We can not assume that they suffered no depreciation over such a long period of time or that they were not worn out or lost prior to the basic date — to say nothing of our inability to determine the relation between their original cost and their value on March 1, 1913.

Accordingly, we must approve the denial of the loss deduction claimed for the year 1919.

The case will be restored to the calendar for further proceedings under Eule No. 62.

Cite This Page — Counsel Stack

Bluebook (online)

15 B.T.A. 183, 1929 BTA LEXIS 2904, Counsel Stack Legal Research, https://law.counselstack.com/opinion/semon-bache-co-v-commissioner-bta-1929.

Opinion

Related

Cite This Page — Counsel Stack