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COM'R OF INT. REV. v. ALABAMA ASPHALTIC LIMESTONE CO.

No. 9569.

119 F.2d 819 (1941)

COMMISSIONER OF INTERNAL REVENUE v. ALABAMA ASPHALTIC LIMESTONE CO.

Circuit Court of Appeals, Fifth Circuit.

May 5, 1941.

Attorney(s) appearing for the Case

Maurice J. Mahoney and Sewall Key, Sp. Assts. to the Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Claude R. Marshall, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for petitioner.

James A. O'Callaghan, of Chicago, Ill., for respondent.

Before SIBLEY, HOLMES, and McCORD, Circuit Judges.

SIBLEY, Circuit Judge.

Touching income taxes for the year 1934, the taxpayer, Alabama Asphaltic Limestone Company, called herein the new corporation, claimed depreciation and depletion deductions based on the cost of its property to Alabama Rock Asphalt Company, its predecessor in title, called the old corporation. The Commissioner held the proper basis to be the price bid in 1931 on a sale in bankruptcy by a creditors' committee...

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