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CALCASIEU PAPER COMPANY, INC. v. COMMISSIONER

Docket No. 33392.

12 T.C.M. 74 (1953)

Calcasieu Paper Company, Inc. v. Commissioner.

United States Tax Court.

Entered January 30, 1953.

Attorney(s) appearing for the Case

William T. Rogers, Esq., 801 Florida Nat'l Bank Bldg., Jacksonville, Fla., for the petitioner. Thomas C. Cravens, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

This case involves a deficiency in corporate income tax for the year 1947 in the sum of $8,606.52. The two issues presented for decision are: (1) was the sum of $22,500, paid by petitioner in 1947 under a lease containing an option to buy, a rental payment or did it represent a part of the purchase price of the property covered by the lease; and (2) what was the useful life of a power plant purchased by petitioner in 1947...

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