Louisville & N. R. Co. v. Commissioner
United States Tax Court
Petitioner is an interstate railroad which used the retirement-replacement-betterment method of accounting for its track structure during the years at issue. Respondent determined deficiencies in petitioner's income taxes for the years 1955-63 based on numerous adjustments in petitioner's returns as filed.
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Petitioner is an interstate railroad which used the retirement-replacement-betterment method of accounting for its track structure during the years at issue. Respondent determined deficiencies in petitioner's income taxes for the years 1955-63 based on numerous adjustments in petitioner's returns as filed. By an amendment to its petitions, petitioner claimed overpayment in its taxes for the years 1955-63. Held, during the years at issue: 1. Petitioner may not depreciate under sec. 167, I.R.C. 1954, roadway assets donated to it by or constructed with funds supplied to it by governmental…
1Opinion of the Court
OPINION
Drennen, Judge:
This case was assigned to and heard by Special Trial Judge James M. Gussis pursuant to Rules 180 through 182, Tax Court Rules of Practice and Procedure. His report was filed on February 11, 1976, and subsequently both parties filed exceptions to his report. The exceptions have been considered and, for the most part, are rejected. Where appropriate, some amendments have been made to the report. The Court agrees with and adopts the report set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
Gussis, Special Trial Judge: Respondent determined deficiencies in the petitioner’s…
2Cases cited37 opinions
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Woodward v. CommissionerSupreme Court of the United States · 1970
- Commissioner v. Idaho Power Co.Supreme Court of the United States · 1974
- Detroit Edison Co. v. CommissionerSupreme Court of the United States · 1943
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3Cited by32 opinions
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- Louisville and Nashville Railroad Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1981
- Dunlap v. CommissionerUnited States Tax Court · 1980
- Kansas City S. R. Co. v. CommissionerUnited States Tax Court · 1981
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