Palmolive Bldg. Investors, LLC v. Comm'r
United States Tax Court
In 2004 partnership PB transferred a facade easement by executing an easement deed in favor of a qualified organization. The easement deed places restrictions on PB and its successors with respect to the facade easement and the building. PB's building was subject to two mortgages, but before executing the easement deed, PB obtained ostensible mortgage subordination agreements from its mortgagee banks.
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In 2004 partnership PB transferred a facade easement by executing an easement deed in favor of a qualified organization. The easement deed places restrictions on PB and its successors with respect to the facade easement and the building. PB's building was subject to two mortgages, but before executing the easement deed, PB obtained ostensible mortgage subordination agreements from its mortgagee banks. However, the easement deed provides that in the event the facade easement is extinguished through a judicial proceeding, the mortgagee banks will have claims prior to that of the donee…
1Opinion of the Court
PALMOLIVE BUILDING INVESTORS, LLC, DK PALMOLIVE BUILDING INVESTORS PARTICIPANTS, LLC, TAX MATTERS PARTNER, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Palmolive Bldg. Investors, LLC v. Comm'r
Docket No. 23444-14
United States Tax Court
2017 U.S. Tax Ct. LEXIS 51; 149 T.C. No. 18;
October 10, 2017, Filed
An appropriate order will be issued.
In 2004 partnership PB transferred a facade easement by executing an easement deed in favor of a qualified organization. The easement deed places restrictions on PB and its successors with respect to the facade easement and the building. PB's…
2Cases cited32 opinions
- Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc.Supreme Court of the United States · 1984
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Hernandez v. CommissionerSupreme Court of the United States · 1989
- Burlington Northern Railroad v. Oklahoma Tax CommissionSupreme Court of the United States · 1987
- Florida Peach Corp. v. CommissionerUnited States Tax Court · 1988
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