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HERTZ CORPORATION v. UNITED STATES

No. 12799.

268 F.2d 604 (1959)

HERTZ CORPORATION, a Corporation (Successor by Merger to J. Frank Connor, Inc., a Corporation), v. UNITED STATES of America, Appellant.

United States Court of Appeals Third Circuit.

Decided July 6, 1959.

Attorney(s) appearing for the Case

Myron C. Baum, Washington, D. C. (Leonard G. Hagner, U. S. Atty., Wilmington, Del., Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, I. Henry Kutz, Attys., Department of Justice, Washington, D. C., on the brief), for appellant.

Roswell Magill, New York City (Harry N. Wyatt, Edgar Bernhard, Donald J. Yellon, Chicago, Ill., John C. Klett, Jr., Cravath, Swaine & Moore, New York City, D'Ancona, Pflaum, Wyatt & Riskind, Chicago, Ill., on the brief), for appellee.

Before KALODNER, STALEY and HASTIE, Circuit Judges.

STALEY, Circuit Judge.

Essentially this appeal presents two questions for review, namely: (1) whether "useful life" for depreciation purposes as used in Section 167(c) of the Internal Revenue Code of 1954, 26 U.S.C. § 167 (c) means the physical life of an asset for business purposes (the economic life), or the period during which the property is useful to the taxpayer; and (2) whether in the declining balance method of depreciation,1

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