2 Lexington Ave. Corp. v. Commissioner
United States Tax Court
Petitioner was the assignee of a contract to purchase a hotel executed on May 13, 1949. The closing date on which title was to be transferred and the balance of the purchase price paid was specified as June 15, 1949. The contract further provided for the retention of possession and of risk of loss by fire by the vendor until delivery of the deed and also provided for the allocation of certain expenses to the purchaser from May 1, 1949, and for the crediting to the purchaser…
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Petitioner was the assignee of a contract to purchase a hotel executed on May 13, 1949. The closing date on which title was to be transferred and the balance of the purchase price paid was specified as June 15, 1949. The contract further provided for the retention of possession and of risk of loss by fire by the vendor until delivery of the deed and also provided for the allocation of certain expenses to the purchaser from May 1, 1949, and for the crediting to the purchaser of the net income, if any, of the property from May 1, 1949, through June 14, 1949, as a closing adjustment. The…
1Opinion of the Court
OPINION.
Kern, Judge:
The sole issue for decision herein is whether petitioner is taxable on the net income of the Hotel Gramercy Park, as adjusted by conversion to the accrual basis, for the period May 1,1949, through June 14,1949.
The petitioner’s position is that the income for this period is that of Insurance Company, the vendor, which retained the risk of loss, possession of the premises, and possession of the receipts until the closing on June 15, 1949. Respondent, on the other hand, contends that such income is taxable to the petitioner on the ground that under the contract of sale the…
2Cases cited14 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- Commissioner of Internal Revenue v. Union Pac. R. Co.Court of Appeals for the Second Circuit · 1936
- Moore v. CommissionerCourt of Appeals for the Seventh Circuit · 1941
9 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Merrill v. CommissionerUnited States Tax Court · 1963
- Pacific Coast Music Jobbers, Inc. v. CommissionerUnited States Tax Court · 1971
- Lowe v. CommissionerUnited States Tax Court · 1965
- Hibler v. CommissionerUnited States Tax Court · 1966
- Bartell Hotel Co. v. CommissionerUnited States Tax Court · 1959
19 more not listed; retrieve them via the Exa API.