Inglewood Park Cemetery Ass'n v. Commissioner
United States Board of Tax Appeals
1. By formal corporate action petitioner set apart 25 per cent of receipts from the sale of cemetery lots as a fund for the perpetual care of burial lots. Held, that the fund so set apart is not income and should not be included in invested capital.
1Opinion of the Court
*388OPINION.
Lansdon:
The four issues involved in this proceeding will be discussed and decided in the order in which they are set forth in our preliminary statement, supra. The evidence discloses that the petitioner set apart 25 per cent of the total monthly receipts from the sale of burial lots as a fund for the perpetual care of such lots; that salesmen employed by the petitioner were instructed to call the attention of all purchasers of lots to the provision for perpetual care; that each deed conveying title to burial lots sold by the petitioner contained a perpetual care guaranty; that 25 per…
2Cases cited6 opinions
- Allen v. WithrowSupreme Court of the United States · 1884
- Bork v. . MartinNew York Court of Appeals · 1892
- Coyne v. Supreme Conclave of the Improved Order of HeptasophsCourt of Appeals of Maryland · 1907
- Trubey v. PeaseIllinois Supreme Court · 1909
- Pittman v. . PittmanSupreme Court of North Carolina · 1890
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Memphis Memorial Park v. CommissionerUnited States Board of Tax Appeals · 1933
- Gracelawn Memorial Park, Inc. v. United StatesDistrict Court, D. Delaware · 1957
- Memphis Memorial Park, Inc. v. CommissionerUnited States Tax Court · 1959
- Inglewood Park Cemetery Ass'n v. CommissionerUnited States Board of Tax Appeals · 1927
- Portland Cremation Asso. v. CommissionerUnited States Board of Tax Appeals · 1928
1 more not listed; retrieve them via the Exa API.