The Crosley Corporation v. United States

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that a business expense deduction for a tool with a three-year useful life was a mutual mistake of law where the Commissioner knew the facts related to the deduction from an audit for the prior year
• finding that the Commissioner had knowledge that the cost of a tool should have been capitalized and the taxpayer was not entitled to the claimed business expense deduction
• taxpayer was permitted to capitalize an item expensed in earlier barred years
• taxpayer was permitted to capitalize an item expensed in earlier barred years

Source: CourtListener parenthetical corpus (CC0).