Hilton v. Commissioner
United States Tax Court
A newly constructed department store was sold to a single-purpose financing corporation and leased back under a long-term triple net lease. The financing corporation financed the purchase by selling its corporate notes to five insurance companies. The notes were secured by a mortgage indenture, deed of trust, and an assignment of the lease and rentals in favor of trustees for the lenders.
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A newly constructed department store was sold to a single-purpose financing corporation and leased back under a long-term triple net lease. The financing corporation financed the purchase by selling its corporate notes to five insurance companies. The notes were secured by a mortgage indenture, deed of trust, and an assignment of the lease and rentals in favor of trustees for the lenders. After the sale and leaseback were completed, the financing corporation conveyed its interest in the property to a general partnership. Petitioners, who were limited partners in two newly formed partnerships,…
1Opinion of the Court
Nims, Judge:
These consolidated cases were assigned to be heard by Special Trial Judge Charles R. Johnston pursuant to Rules 180 and 182, Tax Court Rules of Practice and Procedure. His report was filed on November 7, 1978, and, subsequently, the parties filed exceptions to his report. Such exceptions have been duly considered by the Court. Due regard has also been given to the circumstance that the Special Trial Judge had the opportunity to evaluate the credibility of witnesses. See Rule 182(c) and (d), Tax Court Rules of Practice and Procedure, and the Note thereto, 60 T.C. 1057, 1149-1150…
2Cases cited14 opinions
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Estate of Charles T. Franklin, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
- Estate of Franklin v. CommissionerUnited States Tax Court · 1975
- Mayerson v. CommissionerUnited States Tax Court · 1966
9 more not listed; retrieve them via the Exa API.
3Cited by94 opinions
- Rice's Toyota World, Inc. (Formerly Rice Auto Sales, Inc.) v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1985
- Rose v. CommissionerUnited States Tax Court · 1987
- Rice's Toyota World, Inc. v. CommissionerUnited States Tax Court · 1983
- Cherin v. CommissionerUnited States Tax Court · 1987
- Narver v. CommissionerUnited States Tax Court · 1980
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