Southern Ry. Co. v. Commissioner

PARKER, Circuit Judge.

This is the second petition to review a decision of the Board of Tax Appeals in this case. On the first petition [74 F.(2d) 887], we held that, in computing income tax for the year 1920, an undermaintenance allowance of $12,805,933.68 to the taxpayer by the Director General of Railroads should not be used to diminish the taxpayer’s deduction on account of expenditures for maintenance and upkeep made during the last ten months of the year 1920, following the termination of government control. The Board of Tax- Appeals, upon remand, recomputed the tax for the year 1920,…