S & H, Inc. v. Commissioner
United States Tax Court
Petitioner, which had been in the business of acquiring improved real estate and either leasing it or operating it, entered into an agreement with Griffin to build a warehouse according to Griffin's specifications on land owned by petitioner and, upon completion, to lease it to Griffin for a period of 20 years, at a rental equal to 1 percent of the construction cost per month, with an option, exercisable by Griffin after 15 years, to purchase the property for the balance of…
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Petitioner, which had been in the business of acquiring improved real estate and either leasing it or operating it, entered into an agreement with Griffin to build a warehouse according to Griffin's specifications on land owned by petitioner and, upon completion, to lease it to Griffin for a period of 20 years, at a rental equal to 1 percent of the construction cost per month, with an option, exercisable by Griffin after 15 years, to purchase the property for the balance of the rental payments due over the life of the lease. The parties stipulated that the agreement constituted a sale of the…
1Opinion of the Court
Drennen, Judge:
Respondent determined deficiencies in petitioner’s Federal income tax in the amounts of $18,637, $55,170, and $46,141 for the fiscal taxable years ending June 30,1975,1976, and 1977, respectively.. After concessions by both parties, the sole issue for decision is whether the income realized from the sale of a warehouse was capital gain or ordinary income, and if the former, the extent to which the gain qualified as long-term capital gain.
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly. The stipulation of facts and exhibits attached thereto are…
2Cases cited13 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Malat v. RiddellSupreme Court of the United States · 1966
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Robertson v. United StatesSupreme Court of the United States · 1952
8 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Pleasant Summit Land Corp. v. CommissionerCourt of Appeals for the Third Circuit · 1988
- Harris v. CommissionerCourt of Appeals for the Fifth Circuit · 1994
- Cottle v. CommissionerUnited States Tax Court · 1987
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Dover Corp. v. Comm'rUnited States Tax Court · 2004
21 more not listed; retrieve them via the Exa API.