Case Name: Appeal of OLSEN WATER & TOWING CO.
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1925-05-20
Citations: 1 B.T.A. 1149
Docket Number: Docket No. 1908
Parties: Appeal of OLSEN WATER & TOWING CO.
Judges: Before James, Littleton, and TRUssell.
Reporter: Reports of the United States Board of Tax Appeals
Volume: 1
Pages: 1149–1150

Head Matter:
Appeal of OLSEN WATER & TOWING CO.
Docket No. 1908.
Submitted April 7, 1925;
decided May 20, 1925.
Walter N. Bean, O. P. A., for the taxpayer.
Arthur H. Fast, Esq., for the Commissioner.
Before James, Littleton, and TRUssell.

Opinion:
DECISION.
The item of $7,031.60 should be treated as income for the year 1919, and should not be apportioned over the period of the charter. The deficiency should be recomputed in accordance with this decision and the admissions as set forth on the part of the Commissioner, in so far as such admissions are material. Final determination will be settled on consent or on ten days' notice, in accordance with Rule 50.