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LOS ANGELES & SALT LAKE RAILROAD CO. v. COMMISSIONER

Docket No. 106462.

4 T.C. 634 (1945)

LOS ANGELES & SALT LAKE RAILROAD COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 30, 1945.

Attorney(s) appearing for the Case

D. P. Kingsley, Esq., Joseph F. Mann, Esq., and Frank E. Barnett, Esq., for the petitioner.

Thomas H. Lewis, Jr., Esq., for the respondent.

This proceeding was brought for a redetermination of declared value excess profits tax for the year 1934 in the amount of $7,701.20.

Two issues are involved. The first is whether in making deductions on the retirement of certain ways and structures the amount deducted should be reduced by the amount of depreciation "sustained" prior to March 1, 1913, petitioner being on the retirement method of accounting. The second is whether petitioner is entitled to deduct from...

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