Amo Realty Co. v. Commissioner
United States Tax Court
During the year 1945, petitioner's outstanding stock was owned by three brothers, who also operated a retail furniture and jewelry store as a partnership. On March 1, 1945, the partnership entered into a lease with petitioner for premises which petitioner owned and on which it proposed to construct a building which would be occupied by the partnership. The lease provided for rent of $ 2,000 per month.
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During the year 1945, petitioner's outstanding stock was owned by three brothers, who also operated a retail furniture and jewelry store as a partnership. On March 1, 1945, the partnership entered into a lease with petitioner for premises which petitioner owned and on which it proposed to construct a building which would be occupied by the partnership. The lease provided for rent of $ 2,000 per month. Petitioner constructed the building which was ready for the partnership's occupancy on July 1, 1946. The partnership paid petitioner the sum of $ 20,000 in December 1945, which sum petitioner…
1Opinion of the Court
OPINION.
Pice, Judge:
Petitioner argues that the $20,000 payment received from the partnership in 1945 was not personal holding company income but was, in fact, a capital contribution in that amount from the three Bromberg brothers. In the alternative, it argues that even if the $20,000 payment was not a capital contribution it was not received “as compensation for the use of, or right to use, property of the petitioner.”
Although we have given careful consideration to all of the evidence in the record before us, we have found nothing which establishes the $20,000 payment as a capital…
2Cases cited7 opinions
- Hatfried, Inc. v. Commissioner of Internal Rev.Court of Appeals for the Third Circuit · 1947
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- Randolph Products Co. v. ManningCourt of Appeals for the Third Circuit · 1949
- Garrett Holding Corp. v. CommissionerUnited States Tax Court · 1947
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3Cited by8 opinions
- Estate of La Meres v. Comm'rUnited States Tax Court · 1992
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- Estate of De Niro v. CommissionerUnited States Tax Court · 1982
- Amo Realty Co. v. CommissionerUnited States Tax Court · 1955
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