Langwell Real Estate Corp. v. Commissioner
United States Board of Tax Appeals
Upon further hearings had in accordance with the opinion and mandate of the United States Circuit Court of Appeals for the Seventh Circuit, the petitioner has failed to show that it could not have readily negotiated another lease with a responsible party as favorable as a lease which was canceled in the year 1923, and hence has failed to show that it suffered a loss upon the cancellation of the lease.
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Upon further hearings had in accordance with the opinion and mandate of the United States Circuit Court of Appeals for the Seventh Circuit, the petitioner has failed to show that it could not have readily negotiated another lease with a responsible party as favorable as a lease which was canceled in the year 1923, and hence has failed to show that it suffered a loss upon the cancellation of the lease. Held, therefore, in accordance with the opinion and mandate of the court, that the entire amount of $50,000, representing a deposit made by the lessee which was released in 1923 to the…
1Opinion of the Court
*146In its opinion the court stated in part:
Evans, C.J.:
We find it impossible to escape the conclusion that upon the tenant’s release of its interest in said $50,000, respondent was enriched by that amount. Regulations 62 Treasury Department, Article 50. It was relieved of its obligation to pay this amount to the tenant at the expiration of the lease. At the same time and as a part of the same transaction, respondent released the tenant from its lease. Whether respondent suffered a loss by reason of the termination of the lease presents another issue, which is not covered by the findings of the…
2Cases cited6 opinions
- Andrews v. CommissionerUnited States Board of Tax Appeals · 1928
- Belridge Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Jacobs v. CommissionerUnited States Board of Tax Appeals · 1930
- Forrester Box Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Ruppert v. McArdleDistrict of Columbia Court of Appeals · 1914
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3Cited by1 opinion
- Langwell Real Estate Corp. v. CommissionerUnited States Board of Tax Appeals · 1934