Federal St. & Pleasant Valley Passenger Ry. v. Commissioner

Teammell,

dissenting: In my opinion, the Circuit Court of Appeals for the First Circuit, in the case of Boston & Providence Railroad Co. v. United States, supra, has correctly answered the question as to the assumption of the bonded indebtedness. Aside from that decision, I think the entire amount should be included in invested capital. The corporation was enriched by the amount of assumed obligations prior to any taxable period.