This case involves Federal income tax for the calendar year 1940. Deficiency was determined in the amount of $11,935.36. The issue presented is whether the petitioner sustained a deductible loss, within the purview of section 23 (f) of the Internal Revenue Code, in connection with the abandonment of a small portion of a railroad right of way owned by it, but under a 999-year lease to another railroad company.
FINDINGS OF FACT.
The major portion of the findings...
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