Helvering v. F. & R. Lazarus & Co., 308 U.S. 252 (1939)
U.S. Supreme CourtHelvering v. F. & R. Lazarus & Co., 308 U.S. 252 (1939)
Helvering v. F. & R. Lazarus & Co.
Argued November 14, 1939
Decided December 4, 1939
308 U.S. 252
1. In computing income tax under the Revenue Act of 1928, a taxpayer is entitled to the deduction for depreciation in respect of properties used in its business under leases from a trustee to whom the properties had been conveyed by the taxpayer in a transaction which, in reality, was a mortgage. P. 308 U. S. 254.
2. A finding by the Board of Tax Appeals that a transaction between the taxpayer and a trustee bank -- in written form a transfer of ownership with a lease back -- was, in reality, a mortgage, is conclusive on the courts, although the evidence on the subject permits conflicting inferences. Pp. 308 U. S. 254-255.
3. Proceedings before the Board of Tax Appeals are equitable in nature. P. 308 U. S. 255.
101 F.2d 728 affirmed.
Certiorari, post, p. 537, to review the affirmance of a decision of the Board of Tax Appeals, 32 B.T.A. 633, upholding a taxpayer's claim for allowance of a deduction for depreciation in computation of income tax.