This case involves Federal income tax for the calendar year 1940. Deficiency was determined in the amount of $11,935.36. The issue presented is whether the petitioner sustained a deductible loss, within the purview of section 23 (f) of the Internal Revenue Code, in connection with the abandonment of a small portion of a railroad right of way owned by it, but under a 999-year lease to another railroad company.
FINDINGS OF FACT.
The major portion of the findings...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.