United States Board of Tax Appeals December 12, 1928, Docket No. 20874. (Meneely Bell Co. v. Commissioner)

lead-opinion

*695OPINION.

Smith:

Petitioner claims the right to include in invested capital the value of certain contracts which it had on hand at the beginning of the taxable year. These contracts were received in the ordinary course of business. They were not paid in for shares of capital stock. The petitioner claims the right to include the value of these contracts in invested capital.