Cleveland Trust Co. v. Commissioner
United States Board of Tax Appeals
Petitioner owned a one-half interest in real estate in California which it leased in 1925 for a term of fifty years and one month. Under the terms of the lease, in addition to rental, the lessee was required to and did erect in 1926 a building thereon which then became a part of the real estate, had a life of 33 1/3 years, and, if removed, had only a salvage value.
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Petitioner owned a one-half interest in real estate in California which it leased in 1925 for a term of fifty years and one month. Under the terms of the lease, in addition to rental, the lessee was required to and did erect in 1926 a building thereon which then became a part of the real estate, had a life of 33 1/3 years, and, if removed, had only a salvage value. In 1932, upon default on the lease by the lessee, the lessor repossessed the premises, including the building thus erected. Respondent determined petitioner realized taxable income in 1932 in the amount of one-half the depreciated…
1Opinion of the Court
CLEVELAND TRUST COMPANY, TRUSTEE, EDITH K. TIMKEN, ET AL. TRUST, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cleveland Trust Co. v. Commissioner
Docket No. 88561.
United States Board of Tax Appeals
39 B.T.A. 113; 1939 BTA LEXIS 1070;
January 17, 1939, Promulgated
Petitioner owned a one-half interest in real estate in California which it leased in 1925 for a term of fifty years and one month. Under the terms of the lease, in addition to rental, the lessee was required to and did erect in 1926 a building thereon which then became a part of the real estate, had a life of 33 1/3 years,…
2Cases cited18 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Burnet v. LoganSupreme Court of the United States · 1931
- United States v. PhellisSupreme Court of the United States · 1921
- Koshland v. HelveringSupreme Court of the United States · 1936
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