Lawrence Y. S. Au and Wrona K. H. Au v. Commissioner of Internal Revenue
Lawrence Y. S. AU and Wrona K. H. Au, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Opinion
PER CURIAM.
The Tax Court held that the basis for depreciation of a nonbusiness property which the taxpayers transferred to a business partnership as part of their contribution was the fair market value of such property at the time of such transaction ( 40 T.C. 264 ). This conclusion finds support in and is consistent with *1009 the doctrine implied in Helvering v. Owens, 305 U.S. 468 , 59 S.Ct. 260 , 83 L.Ed. 292 (1939).
The judgment of the Tax Court in determining a deficiency is affirmed.
How later courts describe this case
No later court has written an explanatory parenthetical about this case yet.
Cited by 8 cases
View all citing references →Relies on it most ⓘ
Citing references are not a citator: they show that a later opinion cites this case, not whether it followed, distinguished, or overruled it. Check negative history before relying on this case.