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CLARIDGE APARTMENTS CO. v. COM'R OF INTERNAL REVENUE

Nos. 8296, 8297.

138 F.2d 962 (1943)

CLARIDGE APARTMENTS CO. v. COMMISSIONER OF INTERNAL REVENUE. COMMISSIONER OF INTERNAL REVENUE v. CLARIDGE APARTMENTS CO.

Circuit Court of Appeals, Seventh Circuit.

Rehearing Denied December 22, 1943.

Attorney(s) appearing for the Case

Walter Hamilton, of Chicago, Ill., for petitioner.

J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, John W. Smith, Sp. Atty., Bureau of Internal Revenue, Samuel O. Clark, Jr., Sewall Key, and Gerald Wallace, all of Washington, D. C., and Samuel H. Levy and Muriel S. Paul, Sp. Assts. to Atty. Gen., for respondent.

John E. Hughes, of Chicago, Ill., amicus curiae.

Before EVANS and MINTON, Circuit Judges, and LINDLEY, District Judge.

EVANS, Circuit Judge.

This is a Federal income tax case wherein the chief issue arises out of the disputed basis for the depreciation of a large apartment building, acquired by taxpayer in 1935 in a Sec. 77B bankruptcy reorganization proceeding. 11 U.S.C.A. § 207. Corollary issues are:

(1) The applicability of Sec. 270 of the Chandler amendment to the Bankruptcy Act, 11 U.S.C.A. § 670, providing for a decrease of the predecessor's depreciation basis...

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