STEELE-WEDELES CO. v. COMMISSIONER OF INT. REV.

No. 4758.

63 F.2d 541 (1933)

STEELE-WEDELES CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

February 28, 1933.


Attorney(s) appearing for the Case

Donald Horne, of Washington, D. C., for petitioner.

G. A. Youngquist, Asst. Atty. Gen., and A. H. Conner and John MacC. Hudson, Sp. Assts. to Atty. Gen., for respondent.

Before EVANS and SPARKS, Circuit Judges, and LINDLEY, District Judge.


LINDLEY, District Judge.

Petitioner seeks to reverse a decision of the United States Board of Tax Appeals fixing against petitioner a deficiency in income and excess profits taxes for the year 1918 of $15,398.23. The contention is that the board should have included in invested capital, (1) $125,000, the difference between the cash expended for a certain long time leasehold and what is claimed to have been its real market value when so purchased in 1907 and at all...

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