Memphis Memorial Park v. Commissioner
United States Board of Tax Appeals
1. A percentage of gross sales, set up on petitioner's records as "Improvement Fund", to be expended for permanent improvements of property, held includable in petitioner's income because not received upon trust, and consequently subsequent disposition, assignment or restriction as to use did not affect taxability when received. 2. Costs of defending a suit to enjoin petitioner from using its property for cemetery purposes held to be ordinary and necessary expense of…
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1. A percentage of gross sales, set up on petitioner's records as "Improvement Fund", to be expended for permanent improvements of property, held includable in petitioner's income because not received upon trust, and consequently subsequent disposition, assignment or restriction as to use did not affect taxability when received. 2. Costs of defending a suit to enjoin petitioner from using its property for cemetery purposes held to be ordinary and necessary expense of business, deductible from income. 3. Where petitioner's accounts were kept on the basis of cash receipts and disbursements,…
1Opinion of the Court
*1041OPINION.
Goodrich:
Petitioner’s first issue is enlarged upon brief to provide alternative contentions; first, that 25 per centum of the amounts received upon all contracts for sale of lots should be regarded as received upon trust to meet the cost of future construction of improvements, and hence be eliminated from gross income; or, second, that the estimated cost of contemplated improvements should be included as a part of the cost of the property to be used in computing gain upon sales of plots as made. There is ample authority for the proposition that moneys received upon trust are to be…
2Cases cited10 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Kornhauser v. United StatesSupreme Court of the United States · 1928
- Mackay v. CommissionerUnited States Board of Tax Appeals · 1928
- Acacia Park Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1932
- Los Angeles Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1925
5 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Sherwood Memorial Gardens, Inc., (Tennessee) v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1965
- Madden v. CommissionerUnited States Tax Court · 1972
- Mount Vernon Gardens, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1962
- Crystal Lake Cemetery Association, a Minnesota Corporation v. United StatesCourt of Appeals for the Eighth Circuit · 1969
- Mt. Vernon Gardens, Inc. v. CommissionerUnited States Tax Court · 1960
9 more not listed; retrieve them via the Exa API.