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SOUTHEASTERN BLDG. CORP. v. COMMISSIONER OF INT. REV.

No. 11227.

148 F.2d 879 (1945)

SOUTHEASTERN BLDG. CORPORATION v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

Rehearing Denied May 15, 1945.

Attorney(s) appearing for the Case

John W. Giesecke, of St. Louis, Mo., and Henry L. Hammett, of New Orleans, La., for petitioner.

Melva M. Graney, Sewall Key, A. F. Prescott, and Louise Foster, Sp. Assts. to Atty. Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, of Washington, D. C., and John M. Morawski, Sp. Asst. to Atty. Gen., for respondent.

Before HUTCHESON, HOLMES, and McCORD, Circuit Judges.

McCORD, Circuit Judge.

This appeal is from the Tax Court and involves income and excess profits taxes for the year 1939.

The question presented is whether the taxpayer is entitled to a deduction for obsolescence under Section 23(l) of the Internal Revenue Code, as amended by Section 121(c) and (d) of the Revenue Act of 1942, 26 U.S.C.A. Int.Rev.Acts.

The property here in question was leased to the Western Union Telegraph Company for a term of...

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