Atterbury v. Commissioner
United States Board of Tax Appeals
A leasehold is property and its cost and increase in value prior to March 1, 1913, are properly capital. The owner of the leasehold is entitled to take deductions for exhaustion of such leasehold in the same manner as he would with any other exhaustible property.
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A leasehold is property and its cost and increase in value prior to March 1, 1913, are properly capital. The owner of the leasehold is entitled to take deductions for exhaustion of such leasehold in the same manner as he would with any other exhaustible property. Where the March 1, 1913, value of a leasehold is determined, and that value is used as the basis for computing gain on the sale of a lease, the taxpayer is entitled to take deductions for exhaustion on the same basis.
1Opinion of the Court
Appeal of GROSVENOR ATTERBURY.
Atterbury v. Commissioner
Docket No. 195.
United States Board of Tax Appeals
1 B.T.A. 169; 1924 BTA LEXIS 230;
December 11, 1924, decided Submitted October 30, 1924.
A leasehold is property and its cost and increase in value prior to March 1, 1913, are properly capital. The owner of the leasehold is entitled to take deductions for exhaustion of such leasehold in the same manner as he would with any other exhaustible property.
Where the March 1, 1913, value of a leasehold is determined, and that value is used as the basis for computing gain on the sale of a lease, the…
2Cases cited1 opinion
- Atterbury v. CommissionerUnited States Board of Tax Appeals · 1924