Boston Fish Market Corp. v. Commissioner
United States Tax Court
Upon termination of various leases of certain of its property, petitioner received a cash payment of $ 47,500 in settlement of the tenant's obligation, under the controlling agreements, to restore leasehold improvements on the premises to their original, prelease condition. Held, such a cash payment is not excludable from gross income under sec. 109, I.R.C. 1954, and is taxable as capital gain to to the extent that it exceeds the basis of the leasehold improvements.
1Opinion of the Court
Boston Fish Market Corporation, Fulham and Maloney, Inc., Petitioners v. Commissioner of Internal Revenue, Respondent
Boston Fish Market Corp. v. Commissioner
Docket No. 6054-70
United States Tax Court
57 T.C. 884; 1972 U.S. Tax Ct. LEXIS 154;
March 29, 1972, Filed
Decision will be entered under Rule 50.
Upon termination of various leases of certain of its property, petitioner received a cash payment of $ 47,500 in settlement of the tenant's obligation, under the controlling agreements, to restore leasehold improvements on the premises to their original, prelease condition. Held, such a cash payment…
2Cases cited6 opinions
- Helvering v. BruunSupreme Court of the United States · 1940
- Waggoner v. CommissionerUnited States Tax Court · 1950
- Tobias v. CommissionerUnited States Tax Court · 1963
- Washington Fireproof Bldg. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Boston Fish Market Corp. v. CommissionerUnited States Tax Court · 1972
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