Knollwood Memorial Gardens v. Commissioner
United States Tax Court
1. Held: On the facts, payments made by petitioner to its "landshare holders" and deducted by it during the taxable years as the cost of land sold do not represent deductible land costs but rather nondeductible distributions made with respect to equity investment which such landshare holders had in petitioner. Sherwood Memorial Gardens, Inc., 42 T.C. 211 (1964), affd. 350 F. 2d 225 (C.A. 7, 1965), followed.
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1. Held: On the facts, payments made by petitioner to its "landshare holders" and deducted by it during the taxable years as the cost of land sold do not represent deductible land costs but rather nondeductible distributions made with respect to equity investment which such landshare holders had in petitioner. Sherwood Memorial Gardens, Inc., 42 T.C. 211 (1964), affd. 350 F. 2d 225 (C.A. 7, 1965), followed. Petitioner was not a tax-exempt cemetery company within the intendment of section 501(c)(13), I.R.C. 1954. 2. Held: Deficiencies and additions to tax for petitioner's fiscal year 1958…
1Opinion of the Court
Hoyt, Judge;
In a statutory notice of deficiency respondent determined the following deficiencies in and additions to petitioner’s income tax:
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In an amendment to his answer to the petition filed herein respondent asserted increases in all of these amounts. The total asserted deficiencies and additions to tax after this amendment were as follows:
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The issues for decision are:(1) Whether the petitioner is entitled to exemption under sections 501(a) and 501(c) (13), I.R.C. 1954 as a “not for profit” cemetery organization.(2) Whether the petitioner is entitled to deduct as…
2Cases cited26 opinions
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Benjamin D. And Madeline Prentice Gilbert v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1957
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- Commissioner v. ConnellySupreme Court of the United States · 1949
- Carl E. Weller and Emily I. Weller v. Commissioner of Internal Revenue, W. Stuart Emmons v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1959
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