Newman v. Commissioner
United States Board of Tax Appeals
1. Right to and amount of amortization of cost of leaseholds determined. 2. Rate of depreciation determined. 3. Petitioner exchanged property for stock in a corporation and at the same time all of the stockholders entered into an agreement restricting the sale of the stock. Held, that the transaction gave rise to taxable income.
1Opinion of the Court
*162OPINION.
GREen :
The first and third allegations of error relate to the disallowance as a deduction from income of an amount representing an aliquot part of cost of certain unproductive leases. This Board has held in the Appeal of Grosvenor Atterbury, 1 B. T. A. 169, that the cost of, or bonus paid for, a lease may be amortized and an aliquot part thereof deducted annually over the life of the lease. We have not thought it necessary to set out in detail all of the data with reference to each lease and have contented ourselves with setting forth the total cost thereof and an amount which…
2Cases cited5 opinions
- Smith v. San Francisco & North Pacific Railway Co.California Supreme Court · 1897
- Williams v. . MontgomeryNew York Court of Appeals · 1896
- Longyear v. HardmanMassachusetts Supreme Judicial Court · 1914
- Winsor v. Commonwealth Coal Co.Washington Supreme Court · 1911
- Blue Mountain Forest Ass'n v. BorroweSupreme Court of New Hampshire · 1901
3Cited by5 opinions
- Tex-Penn Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Haberman v. CommissionerUnited States Board of Tax Appeals · 1934
- Newman v. CommissionerUnited States Board of Tax Appeals · 1928
- Tex-Penn Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Washington Package Store, Inc. v. CommissionerUnited States Tax Court · 1964