Manchester Board & Paper Co. v. Commissioner
United States Board of Tax Appeals
A lease of land, together with water privileged, ran for a term of 15 years with a right of renewal by the lessee indefinitely for consecutive terms of 15 years, subject to the right of the lessor to demand an increased rent at each renewal and an obligation, upon termination, to pay the lessee for improvements. The lease was renewed in 1908 for 15 years and the petitioner, who had acquired it in 1910, again renewed it in 1923 for another 15 years.
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A lease of land, together with water privileged, ran for a term of 15 years with a right of renewal by the lessee indefinitely for consecutive terms of 15 years, subject to the right of the lessor to demand an increased rent at each renewal and an obligation, upon termination, to pay the lessee for improvements. The lease was renewed in 1908 for 15 years and the petitioner, who had acquired it in 1910, again renewed it in 1923 for another 15 years. In 1928 the lease was canceled and the petitioner received payments for cancellation of the lease and for the value of the improvements. Held,…
1Opinion of the Court
MANCHESTER BOARD & PAPER COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Manchester Board & Paper Co. v. Commissioner
Docket No. 54423.
United States Board of Tax Appeals
29 B.T.A. 108; 1933 BTA LEXIS 998;
October 12, 1933, Promulgated
A lease of land, together with water privileged, ran for a term of 15 years with a right of renewal by the lessee indefinitely for consecutive terms of 15 years, subject to the right of the lessor to demand an increased rent at each renewal and an obligation, upon termination, to pay the lessee for improvements. The lease was renewed in…
2Cases cited1 opinion
- Manchester Board & Paper Co. v. CommissionerUnited States Board of Tax Appeals · 1933