NICHOLS v. COMMISSIONER

Docket No. 84901.

43 T.C. 135 (1964)

C. L. NICHOLS AND MILDRED H. NICHOLS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 6, 1964.


Attorney(s) appearing for the Case

T. M. Ingersoll and W. R. Mockridge, for the petitioners.

David A. Pierce, for the respondent.


FAY, Judge:

Respondent determined a deficiency in petitioners' income tax for the year 1955 in the amount of $25,682.62.

The sole issue for decision is whether, under the facts and circumstances of this case, petitioner C. L. Nichols was entitled to claim depreciation on various assets used by him in a quarrying and rock-crushing business in 1955, the year he contracted to sell these assets. All other issues...

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