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LOUISVILLE & N. R. CO. v. C. I. R.

No. 78-1303.

641 F.2d 435 (1981)

LOUISVILLE AND NASHVILLE RAILROAD COMPANY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided February 16, 1981.

Rehearing Denied March 31, 1981.

Attorney(s) appearing for the Case

George K. Dunham, Jacksonville, Fla., Joseph L. Lenihan, Louisville, Ky., for petitioner-appellant.

M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Tax Div., U. S. Dept. of Justice, Gary Allen, Karl Fryzel, Stuart E. Seigel, Chief Counsel, Washington, D. C., for respondent-appellee.

Before BOYCE F. MARTIN, Jr., Circuit Judge, and CELEBREZZE and PHILLIPS, Senior Circuit Judges.

BOYCE F. MARTIN, Jr., Circuit Judge.

Louisville and Nashville Railroad Company (L&N) appeals from a Tax Court decision upholding the Commissioner's assessment of tax deficiencies for the years 1955-1964. 66 T.C. 962 (1976). In dispute are five issues. (1) Under the "retirement-replacement-betterment" method of accounting, the salvage value of "relay" (reusable) rail must be based upon fair market value instead of book value. (2...

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