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HELVERING v. LAZARUS & CO.

No. 56.

308 U.S. 252 (1939)

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. F. & R. LAZARUS & CO.

Supreme Court of United States.

Decided December 4, 1939.

Attorney(s) appearing for the Case

Mr. Norman D. Keller argued the cause, and Solicitor General Jackson, Assistant Attorney General Clark, and Messrs. Sewall Key and Ellis N. Slack were on the brief, for petitioner.

Messrs. Murray Seasongood and Robert P. Goldman, with whom Mr. Harry Stickney was on the brief, for respondent.

MR. JUSTICE BLACK delivered the opinion of the Court.

In computing its net taxable income for 1930 and 1931, respondent claimed depreciation on three buildings occupied and used in its business as a department store. During those years, the legal title to two of these properties and an assignment of a ninety-nine year lease to the third were in a bank as trustee for certain land-trust certificate holders. These properties...

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