Ray v. Commissioner
United States Tax Court
Capital Gain -- Sale of Leasehold Benefit -- Income to Lessee. -- A relinquishment by lessee for a valuable consideration of a benefit granted him in a lease relating to the use and enjoyment of the leased premises is a sale of property and gain therefrom is "capital gain" and taxable as such.
1Opinion of the Court
OPINION.
Johnson, Judge:
The Commissioner determined deficiencies in income tax for the year 1946 against each of the petitioners in the amount of $1,910.77.
The sole question for decision is whether $20,000 received by petitioners from their lessor in a lease was taxable as ordinary income, as the Commissioner determined, or as gain from the sale of a capital asset, as petitioners contend.
All of the facts were stipulated and are so found, a summary of which follows.
Petitioners are husband and wife, residents of Dallas, Texas, and filed income tax returns for 1946 on the community property basis…
2Cases cited15 opinions
- Hort v. CommissionerSupreme Court of the United States · 1941
- Curlee v. WalkerTexas Supreme Court · 1922
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
- Hale v. HelveringCourt of Appeals for the D.C. Circuit · 1936
- Jones, Collector of Internal Revenue v. CorbynCourt of Appeals for the Tenth Circuit · 1950
10 more not listed; retrieve them via the Exa API.
3Cited by44 opinions
- Commissioner of Internal Revenue v. RayCourt of Appeals for the Fifth Circuit · 1954
- McCue Bros. & Drummond, Inc. v. CommissionerUnited States Tax Court · 1953
- Leh v. CommissionerUnited States Tax Court · 1957
- Kingsbury v. CommissionerUnited States Tax Court · 1976
- Hollywood Baseball Ass'n v. CommissionerUnited States Tax Court · 1964
39 more not listed; retrieve them via the Exa API.