Keokuk & Hamilton Bridge, Inc. v. Commissioner of Internal Revenue

GARDNER, Chief Judge.

This case is before us on petition to review a decision of the Tax Court of the United States which sustained income and excess profit tax deficiencies against petitioner for the years 1941, 1942 and 1943, in the aggregate amount of $129,700.-95. The facts though not in dispute are somewhat complicated.

The income in question resulted from the operation of a toll bridge spanning the Mississippi River from Keokuk, Iowa to Hamilton, Illinois. 'The bridge was constructed prior to 1870 by the Keokuk and Hamilton Bridge Company, an Iowa corporation, and was owned and operated…