Gilken Corp. v. Commissioner
United States Tax Court
1. The petitioner, prior to April 1, the date of incidence of taxes later paid by it on real estate and personal property, had an executory contract, without possession, as to purchase of the property.
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1. The petitioner, prior to April 1, the date of incidence of taxes later paid by it on real estate and personal property, had an executory contract, without possession, as to purchase of the property. It received conveyance and possession upon June 1. Held, the petitioner was not owner on April 1, and may not deduct the taxes paid. 2. After recovering title to the property, petitioner leased it for ten years, the lease, original and as amended, providing for certain payments to be held as security for performance, and for rent on the final period of the lease, and an equivalent amount to be…
1Opinion of the Court
Gilken Corporation, a Michigan Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Gilken Corp. v. Commissioner
Docket No. 11212
United States Tax Court
10 T.C. 445; 1948 U.S. Tax Ct. LEXIS 242;
March 17, 1948, Promulgated
Decision will be entered for the respondent.
1. The petitioner, prior to April 1, the date of incidence of taxes later paid by it on real estate and personal property, had an executory contract, without possession, as to purchase of the property. It received conveyance and possession upon June 1. Held, the petitioner was not owner on April 1, and may not…
Also in this document: Dissent.
2Cases cited8 opinions
- Brown v. HelveringSupreme Court of the United States · 1934
- Magruder v. SuppleeSupreme Court of the United States · 1942
- Gilken Corp. v. CommissionerUnited States Tax Court · 1948
- Ernst Kern Co. v. CommissionerUnited States Tax Court · 1942
- Tracy v. ReedU.S. Circuit Court for the District of Oregon · 1889
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