Center Inv. Co. v. Commissioner
United States Board of Tax Appeals
Value of property deposited by petitioner's lessee as security for agreements in its lease and in petitioner's lease with its landlord to defray future and conditional construction costs, held, income to petitioner upon forfeiture of the security by its lessee notwithstanding retention as security under continuing provisions of petitioner's lease with its landlord.
1Opinion of the Court
CENTER INVESTMENT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Center Inv. Co. v. Commissioner
Docket No. 82350.
United States Board of Tax Appeals
43 B.T.A. 46; 1940 BTA LEXIS 856;
December 10, 1940, Promulgated
Value of property deposited by petitioner's lessee as security for agreements in its lease and in petitioner's lease with its landlord to defray future and conditional construction costs, held, income to petitioner upon forfeiture of the security by its lessee notwithstanding retention as security under continuing provisions of petitioner's lease with its landlord.
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2Cases cited7 opinions
- Helvering v. BruunSupreme Court of the United States · 1940
- United States v. Boston & Maine RailroadSupreme Court of the United States · 1929
- United States v. HendlerSupreme Court of the United States · 1938
- Bonham v. CommissionerUnited States Board of Tax Appeals · 1936
- Hort v. CommissionerUnited States Board of Tax Appeals · 1939
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