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
ATLANTIC COAST LINE RAILROAD COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
CAROLINA, CLINCHFIELD & OHIO RAILWAY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Atlantic Coast Line R. R. v. Commissioner
Docket Nos. 58958, 65310, 65311, 71649, 71650.
United States Board of Tax Appeals
31 B.T.A. 730; 1934 BTA LEXIS 1039;
November 27, 1934, Promulgated
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…
2Cases cited19 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Weiss v. WeinerSupreme Court of the United States · 1929
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