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RENZIEHAUSEN V. LUCAS, 280 U. S. 387 (1930)

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U.S. Supreme Court

Renziehausen v. Lucas, 280 U.S. 387 (1930)

Renziehausen v. Lucas

No. 114

Argued January 17, 1930

Decided January 27, 1930

280 U.S. 387

Syllabus

1. Under § 214(a)(8) of the Revenue Act of 1918 and § 214(a)(8) of the Revenue Act of 1921, which provide that, in computing net income, there shall be allowed as deductions to individuals "a reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence," the owner of a distillery and wholesale liquor business is not entitled to a deduction for the "exhaustion" or "obsolescence" of goodwill -- treated as embracing trademarks, trade brands and tradenames -- during the years 1918, 1919, 1920, and 1922, because of federal legislation which proscribed the business. Following Clarke v. Haberle Crystal Springs Brewing Co., ante p. 280 U. S. 384. P. 280 U. S. 389.

2. Whether, under § 214(a)(4) of the Revenue Act of 1918, which provides that, in computing net income, there shall be allowed as deductions "losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in trade or chanroblesvirtualawlibrary

Page 280 U. S. 388

business," the owner of a distillery and wholesale liquor business terminated by federal prohibition legislation is entitled to a deduction on account of the loss of goodwill -- not decided, in absence of evidence sufficient to support the claim. P. 280 U. S. 389.

3. Where the owner of a distilling company, at the close of each distilling season, charged to a special account which he regarded as a personal investment, all whiskey manufactured and not sold, selling it to the trade after two years, when it had matured, the whiskey is properly regarded a a part of the stock in trade of the business, and the owner is not entitled to the more favorable rate allowed by the Revenue Act of 1921, § 206(a)(6), for taxes on capital gain. P. 280 U. S. 389.

31 F.2d 675 affirmed.

Certiorari, post, p. 539, to review a judgment of the circuit court of appeals affirming, on appeal, an order of the Board of Tax Appeals.





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