Philip Henrici Co. v. Reinecke

ALSCHULER, Circuit Judge.

The issue is on demurrer to the declaration, which alleges'that plaintiff was and is occupying in and for carrying on its business the premises in Chicago demised to it by lease of December 1, 1902, to expire April 30, 1928, at a rental of $24,000 per annum to April 30, 1921, and $26,000 per annum to expiration; that on March 1, 1913, the lease had a fair market value of not less than $370,-000; that for each of the taxable years 1918, 1919, and 1920 plaintiff claimed in its return for federal income tax, and was allowed, deduction for depreciation of such leasehold…