United States Board of Tax Appeals July 10, 1925, Docket No. 1431 (Appeal of I. Unterberg & Co.)

*278OPINION.

Sternhagen:

The taxpayer claims the right to include in its invested capital the full amount of $436,655.71 which it received at the time of its organization from the former partnership. There is no dispute that the net assets received were actually worth this amount, but the Commissioner has disallowed $236,655.71 because he regards it as borrowed capital.