Drake University v. Commissioner
United States Tax Court
Held, rental income paid by a sublessee to a third party is income taxable to the sublessor.
1Opinion of the Court
opinion
Bruce, Judge:
Respondent determined a deficiency in the income tax of the Butters Realty Co. for the year 1960 in the amount of $283.35. The sole issue is whether rental payments made by a sub-lessee to a third party are income to the sublessor.
All of the facts have been stipulated and the stipulation of facts and exhibits attached thereto are found accordingly.
The petitioner is a nonprofit corporation organized and existing under the laws of the State of Iowa and is located in Des Moines, Iowa.
Prior to its dissolution on September 24, 1962, Butters Realty Co. (hereinafter referred to…
2Cases cited9 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Lucas v. EarlSupreme Court of the United States · 1930
- Helvering v. HorstSupreme Court of the United States · 1940
- Harrison v. SchaffnerSupreme Court of the United States · 1941
- Galt v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1954
4 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Hudlow v. CommissionerUnited States Tax Court · 1971
- Drake University v. CommissionerUnited States Tax Court · 1965
- Gochis v. Comm'rUnited States Tax Court · 2009