Lakeside Garden Developers, Inc. v. Commissioner
United States Tax Court
The individual taxpayers organized a corporation to develop an apartment complex for sale as condominiums. A part of the land was set aside for recreational facilities. Upon completion of the first building, the recreational facilities were sold to the individual stockholders at cost, and leased back under a 99-year lease by the condominium association. At that time, the developer still owned all of the apartments and was, in fact, the condominium association.
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The individual taxpayers organized a corporation to develop an apartment complex for sale as condominiums. A part of the land was set aside for recreational facilities. Upon completion of the first building, the recreational facilities were sold to the individual stockholders at cost, and leased back under a 99-year lease by the condominium association. At that time, the developer still owned all of the apartments and was, in fact, the condominium association. As the apartments were sold to the individual purchasers, each assumed a proportionate share of the obligations under the 99-year…
1Opinion of the Court
LAKESIDE GARDEN DEVELOPERS, INC., ET AL, 1 Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Lakeside Garden Developers, Inc. v. Commissioner
Docket Nos. 6035-73, 6034-73.
United States Tax Court
T.C. Memo 1976-290; 1976 Tax Ct. Memo LEXIS 113; 35 T.C.M. (CCH) 1294; T.C.M. (RIA) 760290;
September 13, 1976, Filed
The individual taxpayers organized a corporation to develop an apartment complex for sale as condominiums. A part of the land was set aside for recreational facilities. Upon completion of the first building, the recreational facilities were sold to the individual stockholders at…
2Cases cited25 opinions
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Palmer v. CommissionerSupreme Court of the United States · 1937
- United States v. Joliet & Chicago RailroadSupreme Court of the United States · 1942
- Morris Lipsitz, and Morris Lipsitz and Helen Lipsitz v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1955
- Riss v. CommissionerUnited States Tax Court · 1971
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3Cited by1 opinion
- Charlevoix Country Club, Inc. v. CommissionerDistrict Court, W.D. Michigan · 2000