Harmont Plaza, Inc. v. Commissioner
United States Tax Court
Petitioner leased property it owned in Youngstown, Ohio, to Sears, Roebuck & Co. under a long-term lease. In 1968, the Cafaros, who owned 90 percent of petitioner's stock, entered into an agreement with the DeBartolo interests to build an enclosed shopping mall on property owned by the two interests in Boardman, Ohio. A new corporation, Southern Park, Inc., was formed for that purpose.
Read the full summary
Petitioner leased property it owned in Youngstown, Ohio, to Sears, Roebuck & Co. under a long-term lease. In 1968, the Cafaros, who owned 90 percent of petitioner's stock, entered into an agreement with the DeBartolo interests to build an enclosed shopping mall on property owned by the two interests in Boardman, Ohio. A new corporation, Southern Park, Inc., was formed for that purpose. In order to induce Sears to move from the Youngstown location to Southern Park the interested parties entered into various agreements whereunder Southern Park, Inc., indemnified petitioner for any loss of…
1Opinion of the Court
Harmont Plaza, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Harmont Plaza, Inc. v. Commissioner
Docket No. 7767-73
United States Tax Court
64 T.C. 632; 1975 U.S. Tax Ct. LEXIS 104;
July 24, 1975, Filed
Decision will be entered for the respondent.
Petitioner leased property it owned in Youngstown, Ohio, to Sears, Roebuck & Co. under a long-term lease. In 1968, the Cafaros, who owned 90 percent of petitioner's stock, entered into an agreement with the DeBartolo interests to build an enclosed shopping mall on property owned by the two interests in Boardman, Ohio. A new corporation,…
2Cases cited13 opinions
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Commissioner v. HansenSupreme Court of the United States · 1959
- Schulde v. CommissionerSupreme Court of the United States · 1963
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- Corn Exchange Bank v. United StatesCourt of Appeals for the Second Circuit · 1930
8 more not listed; retrieve them via the Exa API.