Ft. Walton Square, Inc. v. Commissioner
United States Tax Court
1. Held, the useful life of concrete brick buildings at a shopping center was determined to be 30 years. Held, further, that the lessor and the lessee were not "related persons" within the meaning of sec. 178(b) and the cost of the buildings could be amortized over the term of petitioner's lease. 2. Held, the useful lives of other equipment and improvements at the shopping center were determined. 3. Held, the heating and air-conditioning systems serving the stores in the…
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1. Held, the useful life of concrete brick buildings at a shopping center was determined to be 30 years. Held, further, that the lessor and the lessee were not "related persons" within the meaning of sec. 178(b) and the cost of the buildings could be amortized over the term of petitioner's lease. 2. Held, the useful lives of other equipment and improvements at the shopping center were determined. 3. Held, the heating and air-conditioning systems serving the stores in the shopping center did not qualify as "section 38 property" with respect to which petitioner was entitled to an investment tax…
1Opinion of the Court
Fort Walton Square, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Ft. Walton Square, Inc. v. Commissioner
Docket No. 5329-68
United States Tax Court
54 T.C. 653; 1970 U.S. Tax Ct. LEXIS 178;
March 26, 1970, Filed
Decision will be entered under Rule 50.
1. Held, the useful life of concrete brick buildings at a shopping center was determined to be 30 years. Held, further, that the lessor and the lessee were not "related persons" within the meaning of sec. 178(b) and the cost of the buildings could be amortized over the term of petitioner's lease.
2. Held, the useful lives of other…
2Cases cited3 opinions
- James v. United StatesSupreme Court of the United States · 1961
- Ft. Walton Square, Inc. v. CommissionerUnited States Tax Court · 1970
- Shelden Land Co. v. CommissionerUnited States Board of Tax Appeals · 1940