Poly Holding Corp. v. Commissioner
United States Board of Tax Appeals
Petitioner acquired a lease of land having a term of 21 years and the privilege of renewal, and erected thereon a building at its expense, which the respondent determined had a useful life of 40 years, and allowed depreciation deductions at the rate of 2 1/2 percent per annum.
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Petitioner acquired a lease of land having a term of 21 years and the privilege of renewal, and erected thereon a building at its expense, which the respondent determined had a useful life of 40 years, and allowed depreciation deductions at the rate of 2 1/2 percent per annum. Held, following 353 Lexington Avenue Corp.,27 B.T.A. 762, that the respondent's determination must be sustained in the absence of evidence that the probable useful life of the building to petitioner was shorter than the period determined by the respondent.
1Opinion of the Court
POLY HOLDING CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Poly Holding Corp. v. Commissioner
Docket No. 74254.
United States Board of Tax Appeals
30 B.T.A. 911; 1934 BTA LEXIS 1247;
June 14, 1934, Promulgated
Petitioner acquired a lease of land having a term of 21 years and the privilege of renewal, and erected thereon a building at its expense, which the respondent determined had a useful life of 40 years, and allowed depreciation deductions at the rate of 2 1/2 percent per annum. Held, following 353 Lexington Avenue Corp.,27 B.T.A. 762, that the respondent's…
2Cases cited9 opinions
- Miller v. GearinCourt of Appeals for the Ninth Circuit · 1919
- Gladding Dry Goods Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Cryan v. WardellDistrict Court, N.D. California · 1920
- 719 Fifth Ave. Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- 353 Lexington Ave. Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
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