COMMISSIONER OF INT. REV. v. PROVIDENCE, W. & B. R. CO.

No. 70.

74 F.2d 714 (1935)

COMMISSIONER OF INTERNAL REVENUE v. PROVIDENCE, W. & B. R. CO.

Circuit Court of Appeals, Second Circuit.

January 7, 1935.


Attorney(s) appearing for the Case

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and J. F. Jackson, Sp. Assts. to Atty. Gen., for petitioner.

Percy W. Phillips, of Washington, D. C. (Brewster, Ivins & Phillips, of Washington, D. C., and W. L. Barnett and Hermon J. Wells, both of New Haven, Conn., of counsel), for appellee.

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


CHASE, Circuit Judge.

The facts were stipulated. The respondent on December 1, 1891, owned a railroad which it then leased with its franchises and assets of every description to the Old Colony Railroad Company for the term of ninety-five years and nine months from July 1, 1891. The lessee was bound to pay the rent reserved; to maintain the property throughout the term in as good condition as when leased; to return equal value at the termination of the lease; and was...

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