874 Park Ave. Corp. v. Commissioner
United States Board of Tax Appeals
Under the terms of 99 proprietary leases, assessments were levied by petitioner, a cooperative apartment house corporation, on its stockholder-tenants for the purpose of amortizing mortgages on its property, and were so used by petitioner and credited on its books to its capital stock account. Held, that such assessments were contributions to the capital of the corporation and not taxable income.
1Opinion of the Court
874 PARK AVENUE CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
874 Park Ave. Corp. v. Commissioner
Docket No. 30832.
United States Board of Tax Appeals
23 B.T.A. 400; 1931 BTA LEXIS 1878;
May 26, 1931, Promulgated
Under the terms of 99 proprietary leases, assessments were levied by petitioner, a cooperative apartment house corporation, on its stockholder-tenants for the purpose of amortizing mortgages on its property, and were so used by petitioner and credited on its books to its capital stock account. Held, that such assessments were contributions to the capital of the…
2Cases cited2 opinions
- Appeal of Paducah & Illinois RailroadUnited States Board of Tax Appeals · 1925
- 874 Park Ave. Corp. v. CommissionerUnited States Board of Tax Appeals · 1931