United States Tax Court July 28, 1945, Docket No. 5849 (Peeler Hardware Co. v. Commissioner)

lead-opinion

OPINION.

Hill, Judge:

The issue is as io the proper valuation of the assets originally belonging to Dunlap in determining petitioner’s equity invested capital for the fiscal year ended May 31,1942. Petitioner seeks to have the value carried as it would have been in the hands of Dunlap. Respondent reduced that amount by $109,508.