The Commissioner determined a deficiency in income tax of $3,933.80 for the short taxable period December 2 to December 31, 1946. The sole question is whether, for purposes of depreciation, the basis of assets received by petitioner upon the liquidation of Orr Cotton Mills is the same as the transferor's basis under sections 112 (b) (6) and 113 (a) (15), 1939 Code.
FINDINGS OF FACT.
Petitioner, a corporation, was organized under the laws of South Carolina...
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