Hart v. Commissioner
United States Board of Tax Appeals
Petitioner, with coowners, leased realty for a term of 20 years, 7 months, with options in the lessee to renew for second, third, and fourth terms of 21 years for each renewal term, without any increase in rent based upon any added value to the property due to the erection of a building.
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Petitioner, with coowners, leased realty for a term of 20 years, 7 months, with options in the lessee to renew for second, third, and fourth terms of 21 years for each renewal term, without any increase in rent based upon any added value to the property due to the erection of a building. The original term ran from October 1, 1923, to April 30, 1944. In April 1925 a sublessee completed constructions of a building on the leased premises at a cost of $485,455 and this building then became the property of the lessors. The building had an estimated life of 30 years to April 1955. For the taxable…
1Opinion of the Court
JULIAN B. HART, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hart v. Commissioner
Docket Nos. 75030, 78877.
United States Board of Tax Appeals
37 B.T.A. 360; 1938 BTA LEXIS 1052;
February 17, 1938, Promulgated
Petitioner, with coowners, leased realty for a term of 20 years, 7 months, with options in the lessee to renew for second, third, and fourth terms of 21 years for each renewal term, without any increase in rent based upon any added value to the property due to the erection of a building. The original term ran from October 1, 1923, to April 30, 1944. In April 1925 a sublessee…
2Cases cited3 opinions
- Morphy v. CommissionerUnited States Board of Tax Appeals · 1937
- Hewitt Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Hart v. CommissionerUnited States Board of Tax Appeals · 1938