Historic House Museum Corp. v. Commissioner
United States Tax Court
Petitioner, a private foundation under sec. 509(a), I.R.C. 1954, maintained a house with historic attributes. Its sole income was from interest and it had no expenses connected with such income. Held, maintenance expenses and taxes in respect of such house are not deductible in computing petitioner's "net investment income" upon which the 4-percent excise tax under sec. 4940(a), I.R.C. 1954, is imposed.
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined deficiencies in petitioner’s excise tax liability under section 49401 for years and in amounts as follows:
Year Amount Year Amount
1970 .$52.95 1972 $89.65
1971 .91.61 1973 97.84
The issue for decision is the amount of expenses, if any, which petitioner is entitled to deduct from its gross investment income under section 4940(c) in arriving at its net investment income subject to tax under section 4940(a).
This case was originally docketed as a small tax case pursuant to section 7463. Subsequently, it was determined that, since the issue to be decided…
2Cases cited5 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Adirondack League Club v. CommissionerUnited States Tax Court · 1971
- Julia R. & Estelle L. Foundation, Inc. v. CommissionerUnited States Tax Court · 1978
- American College of Physicians v. United StatesUnited States Court of Claims · 1976
3Cited by12 opinions
- Anthes v. CommissionerUnited States Tax Court · 1983
- Bilenas v. CommissionerUnited States Tax Court · 1983
- Coleman v. CommissionerUnited States Tax Court · 1979
- Johnson v. CommissionerUnited States Tax Court · 1978
- Anthes v. CommissionerUnited States Tax Court · 1983
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