OSWEGO & S. R. CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 69.

29 F.2d 487 (1928)

OSWEGO & S. R. CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

December 3, 1928.


Attorney(s) appearing for the Case

Douglas Swift and Robert H. Montgomery, both of New York City, for appellant.

Mabel Walker Willebrandt, Asst. Atty. Gen., and Sewall Key and Morton P. Fisher, Sp. Asst. Attys. Gen. (C. M. Charest and Clark T. Brown, both of Washington, D. C., of counsel), for appellee.

Before MANTON, L. HAND, and SWAN, Circuit Judges.


L. HAND, Circuit Judge (after stating the facts as above).

The practice of ordinary accounting is to allocate interest during construction to capital investment, and when estimating rate bases in fixing reasonable rates for public service companies, courts have done the same. Shepard v. Northern Pac. Ry. Co. (C. C.) 184 F. 765, 809, affirmed sub nom. Minnesota Rate Cases, 230 U.S. 352, 33 S.Ct. 729, 57 L. Ed. 1511, 48 L. R. A. (N. S...

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