GRONER, Associate Justice.
This case involves appellant's income taxes for the calendar years 1923, 1924, and 1925. Appellant in 1919 acquired certain real estate in the city of Los Angeles. The property so acquired was then under lease and so continued until during the year 1923, when the lease expired. Prior to the expiration of the lease appellant could have secured renewals for a five-year term on a profitable basis, but the buildings were of frame and there was...
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