The Commissioner determined deficiencies in income tax and declared value excess profits tax for 1939 in the amounts of $3,088.30 and $638.41. The only issue for decision is whether the petitioner is entitled to recover the cost of its water system facilities through deductions for depreciation over the 21-year period of its initial franchise, or whether it must spread the balance of the undepreciated cost remaining at the time it was granted a second franchise over the remaining...
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