Illinois Cent R.R. v. Commissioner

ILLINOIS CENTRAL RAILROAD COMPANY AND YAZOO & MISSISSIPPI VALLEY RAILROAD COMPANY, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Illinois Cent R.R. v. Commissioner

Docket Nos. 62023, 62991.

United States Board of Tax Appeals

34 B.T.A. 1; 1936 BTA LEXIS 761;

March 4, 1936, Promulgated

Amounts of deductions allowable to lessee on account of its liability to replace wornout or discarded equipment, determined.

R. C. Beckett, Esq., and Edward C. Craig, Esq., for the petitioners.

E. C. Algire, Esq., and Lloyd B. Harrison, Esq., for the respondent.

OPINION.

TRAMMELL

TRAMMELL: 1 The opinion of…