Dana v. Commissioner
United States Board of Tax Appeals
1. The petitioner in 1927 leased certain property to a corporation for 20 years. Under the terms of this lease an existing lease between the parties at a lower rental was canceled and it was agreed that the old building on the leased property should be demolished and a new building erected by the lessor, title to the new building to vest immediately in the lessor.
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1. The petitioner in 1927 leased certain property to a corporation for 20 years. Under the terms of this lease an existing lease between the parties at a lower rental was canceled and it was agreed that the old building on the leased property should be demolished and a new building erected by the lessor, title to the new building to vest immediately in the lessor. The lessee agreed to bear a part of the cost of replacing the old building with a new building especially suited to its business. Held, no deductible loss was sustained by the petitioner on account of the demolition of the old…
1Opinion of the Court
MYER DANA, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Dana v. Commissioner
Docket No. 50248.
United States Board of Tax Appeals
30 B.T.A. 83; 1934 BTA LEXIS 1372;
March 14, 1934, Promulgated
1. The petitioner in 1927 leased certain property to a corporation for 20 years. Under the terms of this lease an existing lease between the parties at a lower rental was canceled and it was agreed that the old building on the leased property should be demolished and a new building erected by the lessor, title to the new building to vest immediately in the lessor. The lessee agreed to bear a…
2Cases cited1 opinion
- Dana v. CommissionerUnited States Board of Tax Appeals · 1934