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ATLANTIC COAST LINE R. CO. v. COMMISSIONER OF INT. REV.

Nos. 3895, 3896.

81 F.2d 309 (1936)

ATLANTIC COAST LINE R. CO. v. COMMISSIONER OF INTERNAL REVENUE. CAROLINA, C. & O. RY. v. SAME.

Circuit Court of Appeals, Fourth Circuit.

January 6, 1936.

Attorney(s) appearing for the Case

Nathan L. Miller, of New York City (Carl H. Davis, of Wilmington, N. C., Edward C. Bailly, of New York City, and Robert R. Faulkner, of Washington, D. C., on the brief), for petitioners.

Morton K. Rothschild, Sp. Asst. to the Atty. Gen. (Frank J. Wideman, Asst. Atty. Gen., and Sewall Key, Sp. Asst. to the Atty. Gen., on the brief), for respondent.

Before PARKER, NORTHCOTT, and SOPER, Circuit Judges.

SOPER, Circuit Judge.

Two questions are presented by the petition for review in these cases: (1) Whether either the lessor or the lessee is entitled to a deduction for depreciation under section 23 (k) of the Revenue Act of 1928, 45 Stat. 791, 799, when one railroad company leases equipment from another for 999 years and agrees to maintain, repair, and renew the property during the term of the lease; and (2) whether a railroad company which acquires the common stock...

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