(Download) "Edward G. Swartz Inc. v. Commissioner of Internal Revenue" by Fifth Circuit Circuit Court Of Appeals * Book PDF Kindle ePub Free
eBook details
- Title: Edward G. Swartz Inc. v. Commissioner of Internal Revenue
- Author : Fifth Circuit Circuit Court Of Appeals
- Release Date : January 15, 1934
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
What petitioner began in March, 1928, as a contestation before the Board of a $273.08 deficiency assessment, and a claimed overassessment of $1,493.61 in its 1926 income tax, was converted by a complete volte face in November, 1929, into a claim that no taxes whatever were due. The petition first filed attacked as inadequate the depletion allowed because based on an estimated cut of 19,142,787 feet instead of 21,286,585 feet actually cut, an excess of 2,143,798 feet cut in 1926. The amended petition does indeed make the same attack, but only in the alternative. No evidence was offered in support of this claim; no complaint is made here on this head against the findings of the Board. Its main contention is that the whole tax should be abated as erroneously laid against it. The point made is that under the rule in Earls Case, 281 U.S. 111, 50 S. Ct. 241, 74 L. Ed. 731, the income was not its income, but Swartzs. Another contention is that when Swartz made his timber contract in 1919 it resulted in a closed transaction, and thereafter his right was not in the timber, but in the contract. That the contract had a fair market value at that time of $1,400,000, the timber a value of $15 per thousand, and that the proper basis for depletion and for amortization of the contract was the fair market value on that date.
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