71 Ct. Cl. 485 | Ct. Cl. | 1929
In this case the court on May 6, 1929, published its findings of fact, conclusion of law, and memorandum wherein the plaintiff’s petition was dismissed. The question in issue was the value on July 7, 1913, of certain leaseholds acquired by the plaintiff and the amount of such value which the plaintiff was entitled to include in its invested capital for its taxable years ending January 31, 1918, and January 31, 1919, and the amount of the deduction to which it was entitled for exhaustion of said leaseholds during each of the said years.
The court found the value of the leaseholds on July 7, 1913, to have been $50,000, but dismissed the petition for lack of evidence upon which the court could determine the amount to be included in invested capital and the amount that might be deducted for exhaustion upon which it could compute the tax for the years involved.
Thereafter, counsel for plaintiff filed a motion for reconsideration of the decision and revision of the conclusion of law. By order of October 11, 1929, the court sustained the motion, in so far as to set aside the opinion and judgment of the court theretofore rendered in the case, and granted plaintiff leave to file as evidence the final determi-
Upon the findings of fact heretofore made by the court and the value of $50,000 found therein for the leaseholds on July 7, 1913, it appears that the annual exhaustion of said leaseholds over the period July 7, 1913, to March 31, 1924, the expiration thereof, was $4,657.18, and that to January 1, 1917, the beginning of the first taxable year here in question, said leaseholds had been exhausted in the amount of $16,623.53; that for invested capital purposes plaintiff was entitled to include in invested capital for the taxable year beginning February 1, 1917, and ending January 31, 1918, the unexhausted value at the beginning of this taxable year of $33,376.47; and that for such taxable year plaintiff was entitled to a deduction for exhaustion of these leaseholds of $4,657.18. At the beginning of the taxable year January 31, 1919, said leaseholds had an un-