Journal Tribune Publishing Co. v. Commissioner

OPINION.

Withey, Judge:

Petitioner made expenditures for newspaper machinery, equipment, and office furniture during its fiscal year ending October 31, 1948, in the amount of $15,897.80. Of this amount, $3,658.05 is the proceeds from the sale of property originally demised under the leases wherein petitioner was lessee and Perkins Brothers Company and The Tribune Company were lessors. By the leases’ terms petitioner was bound to' account to the lessors for the proceeds from the sale of said originally demised property, but it was permitted under those terms to use the proceeds from such sales…