Brant v. Commissioner
United States Board of Tax Appeals
1. INCOME. - Held that the net fair market value of the building erected by the lessee on leased premises owned by petitioners constituted income to petitioners in the year of the forfeiture of the lease and their repossession of the leased premises with the building thereon.
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1. INCOME. - Held that the net fair market value of the building erected by the lessee on leased premises owned by petitioners constituted income to petitioners in the year of the forfeiture of the lease and their repossession of the leased premises with the building thereon. Helvering v. Bruun,309 U.S. 461, followed; held, further, that such income constituted ordinary income rather than capital gain. 2. Id. - Held that delinquent taxes accrued prior to forfeiture of the leases, which petitioners were compelled to pay in a year subsequent thereto, and legal fees incurred in connection with…
1Opinion of the Court
ESTATE OF AUSTIN C. BRANT, DECEASED, JOSEPH M. BLAKE, ADMINISTRATOR DE BONIS NON WITH THE WILL ANNEXED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
ESTATE OF HARRIET FRANCES WHITING, DECEASED, JOSEPH M. BLAKE, ADMINISTRATOR DE BONIS NON WITH THE WILL ANNEXED AND TRUSTEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Brant v. Commissioner
Docket Nos. 92816, 92817.
United States Board of Tax Appeals
44 B.T.A. 1306; 1941 BTA LEXIS 1197;
August 29, 1941, Promulgated
1. INCOME. - Held that the net fair market value of the building erected by the lessee on leased premises…
2Cases cited6 opinions
- Hort v. CommissionerSupreme Court of the United States · 1941
- Helvering v. BruunSupreme Court of the United States · 1940
- Scranton, Lackawanna Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Perkins v. CommissionerUnited States Board of Tax Appeals · 1935
- Evans v. CommissionerUnited States Board of Tax Appeals · 1940
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