Legal Opinion
Commissioner of Internal Revenue v. Indiana Broadcasting Corporation
Court of Appeals for the Seventh Circuit
Decided August 17, 1965No. 14954_1PublishedCited by 41 opinions
1Opinion of the Court
MERCER, District Judge.
The single contested issue presented on this petition is the question whether a television network affiliation contract for a two-year term, which is automatically renewable, in the absence of termination by the affirmative act of either of the parties, for an unlimited number of successive two-year terms is a depreciable asset.
The purpose of the depreciation allowance permitted under the Code is to enable a taxpayer to recover the cost of a wasting asset used in his business by charging the diminution in the asset’s value each year as a deduction from the gross income…
2Cases cited20 opinions
- Helvering v. WinmillSupreme Court of the United States · 1938
- Detroit Edison Co. v. CommissionerSupreme Court of the United States · 1943
- Old Mission Portland Cement Co. v. HelveringSupreme Court of the United States · 1934
- United States v. Dakota-Montana Oil Co.Supreme Court of the United States · 1933
- Westinghouse Broadcasting Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1962
15 more not listed; retrieve them via the Exa API.
3Cited by41 opinions
- Houston Chronicle Publishing Company, Plaintiff-Appellee-Cross v. United States of America, Defendant-Appellant-CrossCourt of Appeals for the Fifth Circuit · 1973
- Richmond Television Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1965
- KFOX, Inc. v. United StatesUnited States Court of Claims · 1975
- Toledo TV Cable Co. v. CommissionerUnited States Tax Court · 1971
- Massey-Ferguson, Inc. v. CommissionerUnited States Tax Court · 1972
36 more not listed; retrieve them via the Exa API.