Illinois C. R. Co. v. Commissioner
United States Board of Tax Appeals
1. In 1926 one of the affiliated petitioners, as lessee, leased certain railroad properties for a period of approximately 350 years, with options to renew for an additional period of 999 years.
Read the full summary
1. In 1926 one of the affiliated petitioners, as lessee, leased certain railroad properties for a period of approximately 350 years, with options to renew for an additional period of 999 years. The lease contracts required the lessee, at its own cost and expense, to repair, replace, and renew the leased properties so as to maintain them in as good condition as at the date of the agreements, but the lessors were to reimburse the lessee for all additions, betterments, and improvements. Held (a) that the lessee is not entitled to deductions representing the cost to the lessors, less salvage…
1Opinion of the Court
ILLINOIS CENTRAL RAILROAD COMPANY AND YAZOO & MISSISSIPPI VALLEY RAILROAD COMPANY, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Illinois C. R. Co. v. Commissioner
Docket Nos. 62023, 62991.
United States Board of Tax Appeals
30 B.T.A. 1107; 1934 BTA LEXIS 1220;
June 29, 1934, Promulgated
1. In 1926 one of the affiliated petitioners, as lessee, leased certain railroad properties for a period of approximately 350 years, with options to renew for an additional period of 999 years. The lease contracts required the lessee, at its own cost and expense, to repair, replace, and renew the…
2Cases cited1 opinion
- Illinois C. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934