Court Opinion

ID: 9497298
Source: CourtListenerOpinion
Date Created: 2023-08-05 16:47:48.539898+00
Date Added: 2024-06-11T17:58:06.564307
License: Public Domain

WIDENER, Circuit Judge,
concurring:
I concur in the result and largely in the opinion of the court, but I would add a word.
I cannot understand why the record in this case does not reveal the date of death of the owner of Newcastle, whose property has brought about this litigation by his descendants. The estate or inheritance tax return, or any appraisal filed in connection with that estate, should the same have.been filed, would have settled the acquisition cost so far as I am concerned, subject only to some presently undisclosed reason why the same should not be used.
Also, as I understand it, the panel is in agreement that our use of the word depreciation does not indicate any opinion of ours that land is a depreciable asset, which I understand is contrary to the general rule of income tax law.