Pembroke v. Helvering

MARTIN, Chief Justice.

This ease involves income taxes for the year 1925. The decision of the Board of Tax Appeals is reported in 23 B. T. A. 1176.

It appears that Andrew J. Pembroke, the . petitioner, was the owner of certain real estate located in the city of Columbus, Ohio, described as 82-90 North Front street, and that the property was held by him for investment. In 1925 Pembroke leased the property to a tenant for a term of 99 years in consideration of an annual rental, payable quarterly in advance, of $8,500 for the first five years and $9,000 thereafter. As part of this transaction…