Burbage v. Commissioner
United States Tax Court
In 1972, petitioner was the lessor of property subject to a 99-year redeemable Maryland ground rent. Held, petitioner's retained interest in the land is "primarily a security interest" within the meaning of sec. 1055(c)(3), I.R.C. 1954, and the redeemable ground rent is treated as being in the nature of a mortgage.
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In 1972, petitioner was the lessor of property subject to a 99-year redeemable Maryland ground rent. Held, petitioner's retained interest in the land is "primarily a security interest" within the meaning of sec. 1055(c)(3), I.R.C. 1954, and the redeemable ground rent is treated as being in the nature of a mortgage. Held, further, petitioner omitted from his 1972 gross income an amount in excess of 25 percent of that stated in the return, and assessment of the deficiency is not barred by the statute of limitations. Sec. 6501(e)(1). In 1974, petitioner exchanged 1 redeemable Maryland ground…
1Opinion of the Court
Wiles, Judge-.
Respondent determined the following deficiencies in petitioner’s Federal income taxes:
Year Deficiency
1972. $51,367.27
1974 . 78,270.00
1975. 6,205.00
After concessions, the issues for decision are: (1) Whether assessment of the deficiency for petitioner’s 1972 taxable year is barred by the statute of limitations; (2) whether petitioner’s 1972 transfer of real property pursuant to a 99-year redeemable ground rent lease constituted a taxable sale or exchange; (3) whether petitioner’s 1974 transfer of the right to receive payments under 1 redeemable ground rent lease for 18 redeemable…
2Cases cited11 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Aiken v. BurnetSupreme Court of the United States · 1931
- Epstein v. CommissionerUnited States Tax Court · 1969
- Brittingham v. CommissionerUnited States Tax Court · 1976
6 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- John Howard Burbage, and Rosalind A. Burbage v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1985
- Insulglass Corp. v. CommissionerUnited States Tax Court · 1985
- Thiessen v. Comm'rUnited States Tax Court · 2016
- Schneider v. CommissionerUnited States Tax Court · 1985
- MANDELBAUM v. COMMISSIONERUnited States Tax Court · 1995
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