Bernstein v. Commissioner
United States Tax Court
Petitioners purchased real estate which was subject to a lease granted by a previous owner. Prior to petitioners' acquisition of the property, the tenant had erected a building thereon at its expense as required by the terms of the lease. Held, petitioners have failed to establish the facts essential to the right to an allowance either for depreciation on their interest in the improvements so acquired or for the amortization of any "premium" value attributable to the lease.
1Opinion of the Court
OPINION.
Fisher, Judge:
Petitioners Frieda and Rose Bernstein formed a partnership on February 1, 1945, for the purpose of owning and operating real estate. Thereafter on March 23, 1945, they acquired a piece of real estate known as No. 73-79y2 Maiden Lane and No. 9-11 Gold Street in New York City. This property became an asset of the partnership. The history of the particular piece of real estate is pertinent to the instant case and is set out briefly below.
On May 1, 1919, this property, which was then owned by members of the Wendel family, was leased to the 75 Maiden Lane Corporation. The…
2Cases cited2 opinions
- Commissioner of Internal Revenue v. Moore. Moore v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1953
- Rowan v. CommissionerUnited States Tax Court · 1954
3Cited by16 opinions
- BUTLER v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2000
- World Publishing Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Frieda Bernstein v. Commissioner of Internal Revenue, and Three Other Consolidated CasesCourt of Appeals for the Second Circuit · 1956
- Gales v. CommissionerUnited States Tax Court · 1999
- Frontier Custom Builders v. Comm'rUnited States Tax Court · 2013
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