C. G. Sloan & Co. v. Commissioner
United States Tax Court
At his death in 1953, M owned all of the capital stock of S, a corporation in the general auctioneering and appraising business.
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At his death in 1953, M owned all of the capital stock of S, a corporation in the general auctioneering and appraising business. M's will directed that the executor arrange to have S convey title to its business premises, which S then owned in fee, to the residuary trust under the will for the benefit of certain named individuals and charities; the trustee thereof was directed to grant S the right to lease such property for 50 years at a specified rental, provided S continued in its present business under its same name on the high standard that had been maintained during M's lifetime. In 1956…
1Opinion of the Court
OPINION.
Naum, Judge:
Briefly stated, petitioner’s position is that it was devised a 50-year lease on its business premises under the will of its former sole stockholder, Mark Mck. Sloan; that this lease had a so-called bonus value to petitioner as of the date of the decedent’s death based on the alleged fact that the rent specified was less than the fair rental value of the property for the 50-year term; and that petitioner is entitled to an allowance for depreciation during the term of the lease because the lease’s bonus value constituted property used in its trade or business.
The…
2Cases cited5 opinions
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- MacK v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1945
- Mack v. CommissionerUnited States Tax Court · 1944
- Leslie J. Valleskey and Grace Valleskey v. E. J. Nelson, District Director of Internal RevenueCourt of Appeals for the Seventh Circuit · 1959
- John J. Kalbac and Dorothy Kalbac v. Commissioner of Internal Revenue, John G. Kiske and Clara Kiske v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
3Cited by5 opinions
- Lomas Santa Fe, Inc. v. CommissionerUnited States Tax Court · 1980
- Mailman v. CommissionerUnited States Tax Court · 1989
- C. G. Sloan & Co. v. CommissionerUnited States Tax Court · 1962
- Lomas Santa Fe, Inc. v. CommissionerUnited States Tax Court · 1980
- Metro Auto Auction, Inc. v. CommissionerUnited States Tax Court · 1984