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Philadelphia Park Amusement Co. v. United States

130 Ct.Cl. 166, 126 F.Supp. 184 (Ct. Cl. 1954)

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Philadelphia Park Amusement Co. v. United States

United States Court of Claims

130 Ct.Cl. 166, 126 F.Supp. 184 (Ct. Cl. 1954)

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Facts

In 1889, the predecessor to Philadelphia Park Amusement Co. (Philadelphia Park) (plaintiff) received a 50-year franchise from the city of Philadelphia to run a passenger railway in Fairmont Park. In 1934, Philadelphia Park received a ten-year extension on the franchise. In exchange for the extension, Philadelphia Park deeded to the city Strawberry Bridge, which it had built over the Schuylkill River. By 1946, Philadelphia Park abandoned the franchise. It later attempted to take depreciation deductions based on the cost of the abandoned ten-year extension. The Commissioner (defendant) disputed the value of Philadelphia Park’s cost basis in the extension.

Rule of Law

Issue

Holding and Reasoning (Laramore, J.)

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