WESTFIR LUMBER COMPANY v. COMMISSIONER

Docket Nos. 7340, 7341.

7 T.C. 1014 (1946)

WESTFIR LUMBER COMPANY (A DISSOLVED OREGON CORPORATION), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated October 22, 1946.


Attorney(s) appearing for the Case

Leon de Fremery, Esq., for the petitioner.

T. M. Mather, Esq., for the respondent.


OPINION.

MURDOCK, Judge.

The Commissioner determined a deficiency of $857.11 in the petitioner's income tax for 1941 and deficiencies of $35,305.47 and $20,391.17 in excess profits tax for 1941 and 1942. A number of issues have been settled by stipulation of the parties. The only one left for decision is whether the petitioner acquired certain assets in a reorganization in 1936 so that it is entitled to use as a basis for depreciation and for invested...

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