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XTRA, INC. v. COMMISSIONER OF REVENUE

380 Mass. 277 (1980)

402 N.E.2d 1324

XTRA, INC. vs. COMMISSIONER OF REVENUE.

Supreme Judicial Court of Massachusetts, Suffolk.

April 1, 1980.

Attorney(s) appearing for the Case

Thomas Miller, Assistant Attorney General, for the Commissioner of Revenue.

David S. Davenport (R.K. Gad, III, with him) for the taxpayer.

Present: HENNESSEY, C.J., QUIRICO, WILKINS, LIACOS, & ABRAMS, JJ.

QUIRICO, J.

The Commissioner of Revenue (Commissioner) here appeals from a decision by the Appellate Tax Board (board) in favor of Xtra, Inc.,1 a Massachusetts corporation engaged in the leasing of certain transportation equipment. Xtra takes accelerated depreciation on personal property in computing its Federal and State income tax liability, but uses straight line depreciation in compiling its corporate financial statements. The single...

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