Case Name: Amazeen Shoe Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1929-04-01
Citations: 15 B.T.A. 1208
Docket Number: Docket No. 12111
Parties: Amazeen Shoe Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Reporter: Reports of the United States Board of Tax Appeals
Volume: 15
Pages: 1208–1209

Head Matter:
Amazeen Shoe Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 12111.
Promulgated April 1, 1929.
Lawrence A. Olwell, Esq., for the petitioner.
J. A. OWallaghan, Esq., for the respondent.

Opinion:
OPINION.
Teussell :
The testimony of the witnesses establishes that the correct value of the inventory on July 1, 1920, was $22,295.45 and that the write-up in the amount of $15,220.83 on the petitioner's books was merely for the purpose of making the total of the assets equal the total par value of the stock issued therefor.
The correct value of the inventory on July 1,1920, is the only question in issue and respondent's action must be affirmed.
Judgment will be entered for the respondent.