Atlantic Coast Line R. R. v. Commissioner
United States Board of Tax Appeals
1. In 1925 one of the petitioners leased to the other its railroad properties and equipment for 999 years. The indenture of lease provided that the lessee at its own cost and expense should keep up, repair, and renew the leased properties and return the same to the lessor at expiration of the lease, in good order and condition, ordinary wear and tear excepted.
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1. In 1925 one of the petitioners leased to the other its railroad properties and equipment for 999 years. The indenture of lease provided that the lessee at its own cost and expense should keep up, repair, and renew the leased properties and return the same to the lessor at expiration of the lease, in good order and condition, ordinary wear and tear excepted. All additions and betterments made by the lessee were to be paid for in bonds and/or stock of the lessor at market prices. Held, the lessee is not entitled to deductions for depreciation on the leased properties in the taxable years…
1Opinion of the Court
OPINION.
TRammell :
These are consolidated proceedings for the redetermi-nation of deficiencies in income tax as follows:
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The parties filed at the hearing a stipulation settling by agreement certain issues raised by the pleadings, and listing 21 issues remaining for decision by the Board. The settlement of issues so agreed upon will be given effect in the redetermination of the deficiencies. The issues remaining for decision present nine general questions, as follows:
I. Is the petitioner, Atlantic Coast Line Railroad Co., hereinafter referred to as the Atlantic Coast Line and…
2Cases cited9 opinions
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