Kansas City S. Ry. v. Commissioner
United States Board of Tax Appeals
1. The total amount of compensation received by the petitioner from the United States Government for the use of its properties during the period of Federal control, as finally agreed upon, was income for each of the accounting periods for which said compensation was allowed. 2. Interest received from the United States Government on additions and betterments is taxable income and should be included in the computation of gross income for the years in which it accrued. 3.…
Read the full summary
1. The total amount of compensation received by the petitioner from the United States Government for the use of its properties during the period of Federal control, as finally agreed upon, was income for each of the accounting periods for which said compensation was allowed. 2. Interest received from the United States Government on additions and betterments is taxable income and should be included in the computation of gross income for the years in which it accrued. 3. Depreciation or obsolescence claimed as a deduction by the petitioner for the taxable years on properties abandoned many…
1Opinion of the Court
*681OPINION.
MoRRis:
Substantially all of the facts herein are founded upon stipulations entered into between the parties.
The question raised by the first two allegations of error, that is, the proper basis for taxing compensation due and payable to railroads during the period of Governmental operation and control, has *682been presented to this Board in several cases involving facts similar in all material respects to these here, Illinois Terminal Co., 5 B. T. A. 15; New Orleans, Texas & Mexico Railway Co., 6 B. T. A. 436; Great Northern Railway Co., 8 B. T. A. 225; Chicago, Rock Island & Pacific…
2Cases cited17 opinions
- Farrington v. TennesseeSupreme Court of the United States · 1878
- Bank of Commerce v. Tennessee Ex Rel. MemphisSupreme Court of the United States · 1896
- United States v. Great Falls Manufacturing Co.Supreme Court of the United States · 1884
- Campbell v. United StatesSupreme Court of the United States · 1924
- Phelps v. United StatesSupreme Court of the United States · 1927
12 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Spencer D. Stewart, Et Ux. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1983
- Federated Dep't Stores, Inc. v. CommissionerUnited States Tax Court · 1968
- Kansas City S. Indus. v. CommissionerUnited States Tax Court · 1992
- Commissioner of Internal Revenue v. PontarelliCourt of Appeals for the Seventh Circuit · 1938
- Baltimore & O. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
19 more not listed; retrieve them via the Exa API.