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C O P Y MEMORANDUM Mr, Reinhardti Regarding Mr. Maag's telegram M-53* January 6th, to Mr. L. V. Peart, In regard to telephone request for certain Information regarding Grand View Water Co., Inc. and Boulder Dam Syndicate, Inc., which water companies were taken over by LVL&WCo. a number of years ago: Mr, Peart Personally called Mr. Maag on the telephone about 3 PM today, and stated that the Federal Income Tax people are disallowing depreciation on the water lines in question, which we obtained as a donation from these two water companies• Mr. Peart wants to know whether there were any intangible liabilities assumed in connection with these acquisitions. While bills-of-sale do not mention any liability that we assumed by taken over these water companies, the Income Tax people are trying to prove there are other liabilities involved. Mr. Peart also wants to know more about these corporations, whether they have any other property, or whether they were companies established Just to own these water companies; how large these corporations were; how many stockholders they had; and whether they had any assets outside the Water Company, Mr. Peart stated that what our Company is trying to do is to prove to the Federal Income people that they should allow depreciation on these donations, and stated that while the depreciation on these two particular systems, which we took as a donation, is rather insignificant when you figure income taxes over the Railroad as a whole, they do not want a precedent set in this particular case. Attorneys for both our Company and the Income Tax people are now in Omaha checking into, not only these two items of donation, but other donations over the Railroad. Mr. Maag also stated that Mr, Peart referred to last paragraph in Maag's telegram, in which he indicated Boulder Dam Syndicate, Inc, was dissolved in 1945, Mr, Peart wants to know why they dissolved at that time, also with regard to Grand View Water Company forfeiting their charter in 194-7 account failing to file Diet of Officers