Carnegie Center Co. v. Commissioner
United States Tax Court
Deduction -- Depreciation -- Basis -- Basis of Buildings Does Not Include Separate Identifiable Cost of Acquiring Fee. -- The basis for depreciation of buildings includes no part of option prices paid for the underlying land by the petitioner which acquired the buildings at the same time by purchasing the stock of and merging into itself the corporations which owned the buildings and had long leases on the land.
1Opinion of the Court
The Carnegie Center Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Carnegie Center Co. v. Commissioner
Docket No. 30353
United States Tax Court
22 T.C. 1189; 1954 U.S. Tax Ct. LEXIS 106;
September 17, 1954, Filed September 17, 1954, Filed
Decision will be entered under Rule 50.
Deduction -- Depreciation -- Basis -- Basis of Buildings Does Not Include Separate Identifiable Cost of Acquiring Fee. -- The basis for depreciation of buildings includes no part of option prices paid for the underlying land by the petitioner which acquired the buildings at the same time by purchasing…
2Cases cited1 opinion
- Carnegie Center Co. v. CommissionerUnited States Tax Court · 1954