May Dep't Stores Co. v. Commissioner
United States Tax Court
Petitioner, as part of one transaction, irrevocably conveyed real estate for cash and a mortgage and bond to secure payment of the deferred purchase price, and took back a lease on the property for a term of 20 years without renewal privileges. Held, under the circumstances, that there was a bona fide sale of the property within the meaning of the statute, section 23 (f) of the Internal Revenue Code.
1Opinion of the Court
The May Department Stores Company (Successor of Kaufmann Department Stores, Inc., by Merger and Consolidation), Petitioner, v. Commissioner of Internal Revenue, Respondent. Kaufmann Department Stores, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
May Dep't Stores Co. v. Commissioner
Docket Nos. 23855, 23859
United States Tax Court
16 T.C. 547; 1951 U.S. Tax Ct. LEXIS 256;
March 1, 1951, Promulgated
Decisions will be entered under Rule 50.
Petitioner, as part of one transaction, irrevocably conveyed real estate for cash and a mortgage and bond to secure payment of the deferred…
2Cases cited4 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- May Dep't Stores Co. v. CommissionerUnited States Tax Court · 1951
- Bank of America Nat'l Trust & Sav. Asso. v. CommissionerUnited States Tax Court · 1950