Galt v. Commissioner
United States Tax Court
1. Rental income of property owned by petitioner and leased by him for 20 years partially on a percentage arrangement, held taxable to petitioner notwithstanding that part of the percentage income was given to his sons for the full lease period as evidenced by a letter and lease terms covering payment to the sons. 2. Pursuant to concessions of the parties, gift tax liability of petitioner for 1946 determined. 3. Deduction of lawyer's fee for various services determined.
1Opinion of the Court
OPINION.
I
Opper, Judge:
Reduced to its simplest terms the first question is whether rent paid for the use of property owned by petitioner under a lease in which he was the lessor is taxable entirely to him or in some part to his adult sons because of its assignment by him and because of the provision of the lease authorizing the payment of that part of the rent to them. It is beyond question that income is taxable to the earner, Lucas v. Earl, 281 U. S. 111, and that the income from property is taxable to the owner of the property which gives rise to the income. Helvering v. Horst, 311 U. S.…
Also in this document: Concurrence.
2Cases cited43 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Lucas v. EarlSupreme Court of the United States · 1930
- Helvering v. HorstSupreme Court of the United States · 1940
- Commissioner v. TowerSupreme Court of the United States · 1946
- Burnet v. HarmelSupreme Court of the United States · 1932
38 more not listed; retrieve them via the Exa API.
3Cited by39 opinions
- Vaira v. CommissionerUnited States Tax Court · 1969
- Edward R. Godfrey and Georgia G. Godfrey v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1964
- Estate of Boyd v. CommissionerUnited States Tax Court · 1981
- Soelling v. CommissionerUnited States Tax Court · 1978
- Hudlow v. CommissionerUnited States Tax Court · 1971
34 more not listed; retrieve them via the Exa API.