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COMMISSIONER OF INT. REV. v. TEXAS-EMPIRE PIPE LINE CO.

No. 3810.

176 F.2d 523 (1949)

COMMISSIONER OF INTERNAL REVENUE v. TEXAS-EMPIRE PIPE LINE CO.

United States Court of Appeals Tenth Circuit.

July 5, 1949.

Attorney(s) appearing for the Case

Harry Marselli, Washington, D. C. (Theron Lamar Caudle, Ellis N. Slack and Melva M. Graney, Washington, D. C., on the brief), for petitioner.

Benjamin H. Bartholow, New York City, for respondent.

Before PHILLIPS, Chief Judge, and BRATTON and MURRAH, Circuit Judges.

MURRAH, Circuit Judge.

Abstractly stated, this appeal from the Tax Court involves the question whether a depreciation deduction is allowable under Section 23(l) (1) of the Internal Revenue Code, 26 U.S.C.A. § 23(l) (1), on an amount representing the difference between the judicially determined fair market value of assets, and their depreciated cost on the books of the taxpayer. A preliminary, and we think...

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