Journal-Tribune Publishing Company v. Commissioner of Internal Revenue

JOHNSEN, Chief Judge.

In Journal-Tribune Publishing Co. v. Commissioner, 216 F.2d 138, 8 Cir. 1954, we reversed a holding of the Tax Court, 20 T.C. 654, as to petitioner’s taxable year 1948, that replacement made by it during that year of some machinery and equipment in the newspaper plant of which it was lessee was not subject to deduction as business expense, but only to depreciation allowance thereon as capital assets.

The deduction taken by petitioner for the 1948 replacement was thereupon given acceptance by the Commissioner (no petition for certiorari to our decision was filed).…