Consolidated Freight Lines, Inc. v. Commissioner
United States Board of Tax Appeals
Prior to 1934 the petitioner purchased certificates of public convenience and necessity permitting transportation of freight by truck over certain highways in the State of Washington, which certificates meterially restricted competition over the routes covered. Legislation effective in 1934 removed the monopolistic character of the certificates, but did not destroy the petitioner's right to operate its truck lines.
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Prior to 1934 the petitioner purchased certificates of public convenience and necessity permitting transportation of freight by truck over certain highways in the State of Washington, which certificates meterially restricted competition over the routes covered. Legislation effective in 1934 removed the monopolistic character of the certificates, but did not destroy the petitioner's right to operate its truck lines. Held, that the change in legislation did not result in a deductible loss.
1Opinion of the Court
*578OPINION.
Arundell :
In its income tax return for 1934 the petitioner claimed losses on account of the worthlessness of the franchises acquired under the above certificates in the following amounts:
Yakima-Prosser______^ $13,025. 00
Yakima-Easton_¿,_ 5,000.00
Spokane-Ephrata-Wenatcliee__ 36,388.98
Spokane-Yakima_ 1,000.00
Seattle-Wenatchée_•_ 20,025. OO
By amended pleadings in this proceeding the petitioner claims the loss on the Spokane-Ephrata-Wenatchee certificate should be increased by $7,000 to $43,388.98. By the same pleading petitioner concedes the correctness of the Commissioner’s disallowance…
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- V. Loewers Gambrinus Brewery Co. v. AndersonSupreme Court of the United States · 1931
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- Beatty v. CommissionerUnited States Tax Court · 1966
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