Lum v. Commissioner of Internal Revenue

GOODRICH, Circuit Judge.

Petitioner seeks review of a decision of the Tax Court upholding Commissioner’s determination of deficiencies in income tax for the years 1939, 1940 and 1941 for failure to include in gross income rent received from petitioner’s half interest as a tenant in common of property in Newark, New Jersey. The facts which were stipulated dis close three successive leases were executed by the lessors, and promptly after each petitioner executed and delivered to his wife an instrument assigning to her certain rights under the lease. The first assignment expressly provided that…