United States Board of Tax Appeals January 16, 1928, Docket No. 11085. (Kasigan Gas Co. v. Commissioner)

lead-opinion

Lansdon :

The respondent has asserted a deficiency in income and profits tax for the fiscal year ended October 31, 1921, in the amount of $542.93. The petitioner alleges that the respondent erroneously excluded value of a certain franchise from its invested capital in the taxable year.