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LODI IRON WORKS, INC. v. COMMISSIONER

Docket No. 57120.

29 T.C. 696 (1958)

LODI IRON WORKS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 27, 1958.

Attorney(s) appearing for the Case

Frank C. Scott, C. P. A., for the petitioner.

Leslie Jones, Esq., for the respondent.

Respondent determined a deficiency of $2,268.32 in petitioner's income tax return for the fiscal year ended May 31, 1951.

The question here presented is whether assets received by the petitioner in exchange for stock should be awarded the same basis for computing depreciation as they would have in the hands of the transferor.

FINDINGS OF FACT.

Most of the facts are stipulated, the stipulation being incorporated...

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