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Income Tax Keyed to Lind
Philadelphia Park Amusement Co. v. United States
Facts
Taxpayer was granted a 50-year franchise to operate a passenger railway in Philadelphia. Taxpayer built a bridge at a cost of $381,000 which was used by its streetcars. It deeded the bridge to the city in exchange for a ten-year extension of its franchise. The extended franchise was abandoned with three years left. Taxpayer asserted depreciation deductions based on the cost of the extension and a loss upon abandonment of the franchise.
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