BONWIT TELLER v. COMMISSIONER OF INTERNAL REVENUE

No. 201.

136 F.2d 978 (1943)

BONWIT TELLER, Inc., v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

July 7, 1943.


Attorney(s) appearing for the Case

Arther B. Hyman, of New York City, for petitioner Bonwit Teller, Inc.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, Helen R. Carloss, and N. Barr Miller, Sp. Assts. to the Atty. Gen., for respondent Commissioner of Internal Revenue.

Before L. HAND, AUGUSTUS N. HAND, and FRANK, Circuit Judges.


AUGUSTUS N. HAND, Circuit Judge.

In April, 1930, a company, of which the petitioner is the successor, and which will be called the "old company," leased from the owner, premises 721 Fifth Avenue, New York City, with its improvements, at $475,000 per year. The lease was from May 1, 1930, to July 31, 1951. In 1931 the old company made improvements costing $618,964.64 in the building on the demised premises. These improvements were not removable, had an estimated useful...

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