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KWTX BROADCASTING COMPANY v. COMMISSIONER OF INTERNAL REVENUE

No. 17827.

272 F.2d 406 (1959)

KWTX BROADCASTING COMPANY, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

December 3, 1959.

Attorney(s) appearing for the Case

Wilford W. Naman, J. Rodney Lee, Waco, Tex., Naman, Howell, Smith & Chase, Waco, Tex., for petitioner.

Carolyn R. Just, Atty., Dept. of Justice, Charles K. Rice, Asst. Atty. Gen., A. F. Prescott, Sharon L. King, Lee A. Jackson, Dept. of Justice, Washington, D. C., Arch M. Cantrall, Chief Counsel, I. R. S., John M. Morawski, Sp. Atty., Washington, D. C., for respondent.

Before RIVES, Chief Judge, and HUTCHESON and TUTTLE, Circuit Judges.

PER CURIAM.

This petition to review the decision of the Tax Court presents the question whether that court's finding and conclusion, that the initial outlay made by petitioner in obtaining its three year license to operate a television station cannot be depreciated over the life of the license, under Sec. 167, I.R.C. of 1954, 26 U.S. C.A. § 167, and T.R. Sec. 1.167(a)-3, is clearly erroneous.

The regulation upon which petitioner bases its claim to the...

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