1. La Belle Iron Works v. United States, No. 453, SUPREME COURT OF THE UNITED STATES, Argued January 6, 7, 1921 , May 16, 1921
OVERVIEW: Company owning ore property was properly assessed excess profits tax where increased value of its ore property was not deductible from income as invested capital because increase in value was due to mere appreciation in property's book value.
2. La Belle Iron Works v. United States, No. 453 , Supreme Court of the United States, May 16, 1921
OVERVIEW: A judgment for the United States was proper in a corporation's action to obtain a refund of an excess profits tax because increased value of ore lands was not includable in "invested capital" under § 207 (p. 306) of Title II of the Revenue Act of 1917 where the term was defined according to the original cost of property instead of its market value.
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