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UNITED CARBON CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 4151.

90 F.2d 43 (1937)

UNITED CARBON CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fourth Circuit.

May 4, 1937.

Attorney(s) appearing for the Case

John W. Davis, of New York City (Robert A. Littleton, of Washington, D. C., and Marion N. Fisher, of New York City, on the brief), for petitioner.

Harry Marselli, Sp. Asst. to the Atty. Gen. (James W. Morris, Asst. Atty. Gen., and Sewall Key, Sp. Asst. to the Atty. Gen., on the brief), for respondent.

Before PARKER, NORTHCOTT, and SOPER, Circuit Judges.

SOPER, Circuit Judge.

The question presented in this case involving income taxes is whether the basis for computing depreciation and depletion allowances on exhaustible assets acquired from certain transferors by the taxpaying corporation in exchange for its capital stock is the fair market value of the assets at the time of acquisition, or the cost thereof to the transferors. The basis upon which depletion, exhaustion, wear and tear, and obsolescence are allowed...

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