United States Board of Tax Appeals November 9, 1939, Docket Nos. 90452, 90486, 90487 (Marlborough House, Inc. v. Commissioner)

*887OPINION.

KeRN :

The first issue to be determined in these proceedings has to do with the basis for depreciation of the property held by petitioners. The answer depends upon whether the acquisition by the bondholders of a corporation of the latter’s property as a result of a foreclosure action, and the subsequent acquisition of the same property by another corporation organized for that