Hamilton & Main, Inc. v. Commissioner
United States Tax Court
Petitioner as lessor received in May 1946 the sum of $ 10,000 from United Aircraft Corporation as lessee in consideration of the cancellation and termination of a 2-year lease beginning May 1, 1944, and the mutual release of each party from all obligations thereunder.
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Petitioner as lessor received in May 1946 the sum of $ 10,000 from United Aircraft Corporation as lessee in consideration of the cancellation and termination of a 2-year lease beginning May 1, 1944, and the mutual release of each party from all obligations thereunder. The property covered by the lease, consisting of land and buildings, together with certain personal property and the right under the lease to require the tenant to repair and restore the buildings, had been acquired by petitioner in a lump-sum purchase on April 25, 1946. Held, the $ 10,000 paid to petitioner is to be treated as…
1Opinion of the Court
Hamilton & Main, Incorporated, Petitioner, v. Commissioner of Internal Revenue, Respondent
Hamilton & Main, Inc. v. Commissioner
Docket No. 49469
United States Tax Court
25 T.C. 878; 1956 U.S. Tax Ct. LEXIS 283;
January 30, 1956, Filed
Decision will be entered under Rule 50.
Petitioner as lessor received in May 1946 the sum of $ 10,000 from United Aircraft Corporation as lessee in consideration of the cancellation and termination of a 2-year lease beginning May 1, 1944, and the mutual release of each party from all obligations thereunder. The property covered by the lease, consisting of land and…
2Cases cited9 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Durkee v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1947
- United Mercantile Agencies, Inc. v. CommissionerUnited States Tax Court · 1955
- Farmers' & Merchants' Bank of Catlettsburg, KY. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1932
- Swastika Oil & Gas Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1941
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