Case: F. M. Reed, Petitioner, v. Commissioner of Internal Revenue, Respondent
Abbreviation: Reed v. Commissioner
Decision Date: 1927-04-29
Docket Number: Docket No. 6776
Citation: 6 B.T.A. 1140
Volume: 6
Reporter: Reports of the United States Board of Tax Appeals
Court: United States Board of Tax Appeals
Jurisdiction: United States
Parties: F. M. Reed, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Pages: 1140–1141

Head Matter:
F. M. Reed, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 6776.
Promulgated April 29, 1927.
PeiTy A. Sletteland, Esq., for the petitioner.
W. F. Gibbs, Esq., for the respondent.

Opinion:
OPINION.
MillikeN :
The March 1, 1913, value of the dam in question was $12,000, and it should be depreciated on the basis of the useful life, as determined, down to March 1, 1920, to determine the residual value of the dam on that date. One-fourth of the residual value of the dam on March 1, 1920, should be allowed as a loss and depreciation computed for the calendar year 1920 on the useful life as determined for the three-fourths of the old dam remaining and depreciation allowed based upon the useful life for the new part of the dam, construction of which was completed on July 1, 1920, and from which date depreciation should be allowed.
Judgment %uill be entered on 15 days' notice, under Rule 50.