Niagara Mohawk Power Corp. v. United States

Plaintiff, Niagara Mohawk Power Corporation (Niagara Mohawk), seeks to recover an alleged overpayment of federal income tax and interest for its taxable years 1957-1962 in the amount of $27,679,359. Defendant has moved for summary judgment as to that part of plaintiff’s claim which asserts an entitlement to deductions, in those years, for obsolescence of certain water rights owned by plaintiff’s predecessors as of March 1, 1913. In opposition to defendant’s motion, plaintiff contends that there are issues of fact *580which preclude summary judgment on the legal issues. We consider the case upon…