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1220 REALTY COMPANY v. C. I. R.

Nos. 15052, 15053.

322 F.2d 495 (1963)

The 1220 REALTY COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. WHEELER-ANNEX PROPERTIES, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

September 16, 1963.

Attorney(s) appearing for the Case

Elmer J. Babin, Cleveland, Ohio (Babin & Fink, Cleveland, Ohio, on the brief), for petitioners.

Meyer Rothwacks, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Michael A. Mulroney, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondents.

Before MILLER and WEICK, Circuit Judges, and WILLIAM E. MILLER, District Judge.

WEICK, Circuit Judge.

The principal question presented is whether the assignees of two 99 year leases with unexpired terms of 64 and 68 years, respectively, were entitled to amortize their entire cost basis of acquiring the leases over the useful life of buildings located on the leased premises which they estimated at only 20 years.

The Tax Court, relying on David Dab, 28 T.C. 933, affirmed in Dab v. Commissioner,

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