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FEDERAL STREET & P. V. PASSENGER RY. CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 6061.

84 F.2d 972 (1936)

FEDERAL STREET & P. V. PASSENGER RY. CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Rehearing Denied August 28, 1936.

Attorney(s) appearing for the Case

William A. Seifert, William Wallace Booth, Reed, Smith, Shaw & McClay, and John A. McCann, all of Pittsburgh, Pa., for petitioner.

Robert H. Jackson, Asst. Atty. Gen., and Sewall Key and Harry Marselli, Sp. Assts. to Atty. Gen., for respondent.

Before BUFFINGTON and DAVIS, Circuit Judges, and DICKINSON, District Judge.

BUFFINGTON, Circuit Judge.

In this income tax case it appears that the Federal Street & Pleasant Valley Passenger Railway Company, the appellant taxpayer (hereafter called Pleasant Valley), in 1896 leased its property for 950 years to the North Side Traction Company (hereafter called North Side). As part of the consideration of the lease, North Side assumed payment of the bonds and coupons of a mortgage of $1,250,000 given by Pleasant Valley. The mortgage falls...

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