1 B.T.A. 1255">*1255 Before JAMES, SMITH, and TRUSSELL.
This is an appeal from the determination of a deficiency in income and profits taxes for the years 1918 and 1919 in a total sum of $1,298.25.
FINDINGS OF FACT.
The taxpayer is a New York corporation with its principal office located in New York City.
On May 14, 1914, the taxpayer acquired from H. Maimin certain assets formerly owned by a Pennsylvania corporation called H. Maimin & Company.
1 B.T.A. 1255">*1256 At its organization, the taxpayer acquired a certain patent, No. 957,070, dated May 3, 1910. On July 14, 1914, the taxpayer acquired a certain patent, No. 1,103,791. On January 19, 1915, the taxpayer acquired a certain patent, No. 1,125,434. On April 23, 1918, the taxpayer acquired a certain patent, No. 1,263,450. On February 8, 1916, the taxpayer acquired a certain patent, No. 1,170,652.
The Commissioner in auditing the taxpayer's income and profits-tax returns for the years in question disallowed as invested capital a value of $25,000 in connection with the aforesaid patents, and disallowed as deductions certain1925 BTA LEXIS 2606">*2607 amounts claimed on account of exhaustion of the said patents.
DECISION.
The determination of the Commissioner is approved.