Connally Realty Co. v. Commissioner of Internal Revenue

SIBLEY, Circuit Judge.

The stipulated facts are that the taxpayer, Connally Realty Company, owned in 1927 and since a building at the corner of Whitehall and Alabama streets in Atlanta, having its main entrance on Whitehall street and five stores fronting on Alabama street adjusted to the descending grade of that street, with access to elevators from both streets. The city of Atlanta greatly raised the level 'of Alabama street, thereby cutting off access to the building from that street. To meet the change and to use the lower floor space profitably an interior arcade was built, the entrance…