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TEXAS CITY TERMINAL RAILWAY CO. v. UNITED STATES

No. 295-52.

152 F.Supp. 227 (1957)

TEXAS CITY TERMINAL RAILWAY COMPANY v. The UNITED STATES.

United States Court of Claims.

June 5, 1957.

Attorney(s) appearing for the Case

Charles B. McInnis, Washington, D. C., for plaintiff. G. Kibby Munson, Philip S. Jessup and Roberts & McInnis, Washington, D. C., were on the briefs.

Herbert S. Fessenden, Washington, D. C., with whom was Asst. Atty. Gen. Charles K. Rice, for defendant. James P. Garland, Washington, D. C., was on the briefs.

Before JONES, Chief Judge, and LITTLETON, WHITAKER, MADDEN and LARAMORE, Judges.

LITTLETON, Judge.

This is a suit to recover income taxes alleged to have been erroneously assessed and collected from the plaintiff corporation for 1945 and 1946. The principal issue is whether the plaintiff, in computing depreciation and gain or loss upon the sale of certain assets acquired from a predecessor corporation, may, for income tax purposes, use as the basis of such assets (1) the basis they would have had in the hands of a predecessor corporation, or ...

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