Memphis Memorial Park, Inc. v. Commissioner
United States Tax Court
Under State law petitioner was required to segregate a portion of the purchase price of cemetery lots as a permanent improvement fund and to use all income from such fund only for the improvement of the cemetery. Petitioner paid this segregated portion to a bank under a depository agreement and did not include it in income. The fund was invested in United States Treasury bonds, municipal bonds, first mortgage bonds, stocks, and other securities.
Read the full summary
Under State law petitioner was required to segregate a portion of the purchase price of cemetery lots as a permanent improvement fund and to use all income from such fund only for the improvement of the cemetery. Petitioner paid this segregated portion to a bank under a depository agreement and did not include it in income. The fund was invested in United States Treasury bonds, municipal bonds, first mortgage bonds, stocks, and other securities. Income from these investments was paid to the petitioner, which excluded from its income the interest on municipal bonds as nontaxable interest, and…
1Opinion of the Court
Memphis Memorial Park, Inc. v. Commissioner.
Memphis Memorial Park, Inc. v. Commissioner
Docket No. 70313.
United States Tax Court
T.C. Memo 1959-147; 1959 Tax Ct. Memo LEXIS 102; 18 T.C.M. (CCH) 637; T.C.M. (RIA) 59147;
July 17, 1959
Under State law petitioner was required to segregate a portion of the purchase price of cemetery lots as a permanent improvement fund and to use all income from such fund only for the improvement of the cemetery. Petitioner paid this segregated portion to a bank under a depository agreement and did not include it in income. The fund was invested in United States…
2Cases cited5 opinions
- Harden v. CommissionerUnited States Tax Court · 1954
- Memphis Memorial Park v. CommissionerUnited States Board of Tax Appeals · 1933
- Los Angeles Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1925
- Inglewood Park Cemetery Ass'n v. CommissionerUnited States Board of Tax Appeals · 1927
- Mountain View Cemetery Ass'n v. CommissionerUnited States Board of Tax Appeals · 1937
3Cited by2 opinions
- Washington Trust Bank v. United StatesDistrict Court, E.D. Washington · 1969
- Oak Woods Cemetery Ass'n v. United StatesDistrict Court, E.D. Illinois · 1964