Lots, Inc. v. Commissioner
United States Tax Court
1. Moneys advanced to a corporation by its principal stockholder to finance the development of a real estate subdivision, held, on the facts, to be loans rather than contributions to capital. 2. Cost to a real estate developer of constructing a shelter in a city-owned park which the city required as a condition to its approval of the developer's subdivision plat, held, a capital expenditure rather than a business expense. 3. Petitioner purchased an undivided 45-percent…
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1. Moneys advanced to a corporation by its principal stockholder to finance the development of a real estate subdivision, held, on the facts, to be loans rather than contributions to capital. 2. Cost to a real estate developer of constructing a shelter in a city-owned park which the city required as a condition to its approval of the developer's subdivision plat, held, a capital expenditure rather than a business expense. 3. Petitioner purchased an undivided 45-percent working interest in an oil lease for $ 20,000 with the seller reserving an oil production payment of $ 30,600. A proportional…
1Opinion of the Court
Lots, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent; C. B., Jr., and Martha Jean Christie, Petitioners v. Commissioner of Internal Revenue, Respondent
Lots, Inc. v. Commissioner
Docket Nos. 3059-65, 3060-65
United States Tax Court
49 T.C. 541; 1968 U.S. Tax Ct. LEXIS 170; 29 Oil & Gas Rep. 343;
February 28, 1968, Filed
Decisions will be entered under Rule 50.
1. Moneys advanced to a corporation by its principal stockholder to finance the development of a real estate subdivision, held, on the facts, to be loans rather than contributions to capital.
2. Cost to a real estate developer…
2Cases cited22 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Anderson v. HelveringSupreme Court of the United States · 1940
- Thomas v. PerkinsSupreme Court of the United States · 1937
- Schnitzer v. CommissionerUnited States Tax Court · 1949
- United States v. Victor H. And Elsie Akin, Fred C. And Alice M. Kluver, E.F. And Gladys MunroeCourt of Appeals for the Tenth Circuit · 1957
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