PRAIRIE DU CHIEN-MARQUETTE B. CO. v. COMMISSIONER OF I. R.

No. 8431.

142 F.2d 624 (1944)

PRAIRIE DU CHIEN-MARQUETTE BRIDGE CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

Decided May 1, 1944.


Attorney(s) appearing for the Case

Paul E. Hutchinson, of Pittsburgh, Pa. (H. E. McCamey, William Wallace Booth, W. A. Seifert, and Reed, Smith, Shaw & McClay, all of Pittsburgh, on the brief), for petitioner.

Samuel H. Levy, of Washington, D. C. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and Muriel S. Paul, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before BIGGS, GOODRICH, and McLAUGHLIN, Circuit Judges.


McLAUGHLIN, Circuit Judge.

The question here involved is whether the taxpayer's basis for computing depreciation upon its bridge property is the same that the property would have had in the hands of the predecessor company or whether it should be the market value of the property at the time the taxpayer acquired it. The answer to this depends on whether the original bridge corporation was reorganized in accordance with Section 112(g) (1) of the Revenue Act of 1934...

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