Valve v. Commissioner

Board of Tax Appeals

Valve v. Commissioner

6 B.T.A. 460

CourtUnited States Board of Tax Appeals

DecidedMarch 10, 1927

DocketDocket No. 9089

StatusPublished

This text of 6 B.T.A. 460 (Valve 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

Valve v. Commissioner, 6 B.T.A. 460 (bta 1927).

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Opinion

[461]*461OPINION.

Smith :

The respondent was in error in reducing invested capital by a tentative tax in the manner indicated in the findings of fact. Appeal of L. S. Ayers & Co., 1 B. T. A. 1135..

The Commissioner correctly reduced earned surplus in each of the years by the prorated amount of the preceding year’s income and profits tax. Appeal of Russel Wheel & Foundry Co., 3 B. T. A. 1168.

Judgment will he entered on 15 days’ notice under Rule 50.

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[461]*461OPINION.

Smith :

The respondent was in error in reducing invested capital by a tentative tax in the manner indicated in the findings of fact. Appeal of L. S. Ayers & Co., 1 B. T. A. 1135..

The Commissioner correctly reduced earned surplus in each of the years by the prorated amount of the preceding year’s income and profits tax. Appeal of Russel Wheel & Foundry Co., 3 B. T. A. 1168.

Judgment will he entered on 15 days’ notice under Rule 50.

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Bluebook (online)

6 B.T.A. 460, Counsel Stack Legal Research, https://law.counselstack.com/opinion/valve-v-commissioner-bta-1927.