Miller v. Commissioner
United States Tax Court
Petitioner Samuel D. Miller, the prime lessee of a business property, granted a sublease at an increased rental to the purchaser of the going-concern business. During the taxable year in question, petitioner entered into two separate but contemporaneous agreements with his sublessee whereby the sublease was canceled in consideration of a $ 32,000 payment and all his interest in the prime lease was assigned to the former sublessee.
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Petitioner Samuel D. Miller, the prime lessee of a business property, granted a sublease at an increased rental to the purchaser of the going-concern business. During the taxable year in question, petitioner entered into two separate but contemporaneous agreements with his sublessee whereby the sublease was canceled in consideration of a $ 32,000 payment and all his interest in the prime lease was assigned to the former sublessee. Held, petitioner sold or exchanged a capital asset and is entitled to capital gains treatment for the $ 32,000 payment.
1Opinion of the Court
Samuel D. Miller and Mollie K. Miller, Petitioners v. Commissioner of Internal Revenue, Respondent
Miller v. Commissioner
Docket No. 7172-65
United States Tax Court
48 T.C. 649; 1967 U.S. Tax Ct. LEXIS 61;
August 8, 1967, Filed
Decision will be entered for the petitioners.
Petitioner Samuel D. Miller, the prime lessee of a business property, granted a sublease at an increased rental to the purchaser of the going-concern business. During the taxable year in question, petitioner entered into two separate but contemporaneous agreements with his sublessee whereby the sublease was canceled in…
2Cases cited14 opinions
- Hort v. CommissionerSupreme Court of the United States · 1941
- Commissioner of Internal Revenue v. José FerrerCourt of Appeals for the Second Circuit · 1962
- Commissioner of Internal Revenue v. Golonsky. Commissioner of Internal Revenue v. GoldCourt of Appeals for the Third Circuit · 1952
- Commissioner of Internal Revenue v. RayCourt of Appeals for the Fifth Circuit · 1954
- Ferrer v. CommissionerUnited States Tax Court · 1961
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