Long Island Water Corp. v. Commissioner

OPINION.

Kern, Judge:

The primary issue in this case concerns the proper depreciation bases to petitioner of the properties formerly owned by the Queens, Boosevelt, and Baldwin Companies. Kespondent contends that these properties were acquired in connection with reorganizations as defined in either section 112(g) (1) (A) and (IT) of the Internal Revenue Code of 1939 or section 203(h) (1) (A) and (D) of the Revenue Act of 1924, and therefore the bases should be the same as in the hands of the transferor corporations. The petitioner contends that there were no statutory reorganizations and that…