Yanow v. Commissioner
United States Tax Court
Petitioner owned three buildings. He leased them to three controlled corporations engaged in the plumbing supply business. He received salaries from two of the corporations as an officer-employee. The rentals which two of the corporations paid him equaled the real estate taxes due on the property. As to the third building, the rental equaled the real estate taxes due plus interest on a loan used to improve the property.
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Petitioner owned three buildings. He leased them to three controlled corporations engaged in the plumbing supply business. He received salaries from two of the corporations as an officer-employee. The rentals which two of the corporations paid him equaled the real estate taxes due on the property. As to the third building, the rental equaled the real estate taxes due plus interest on a loan used to improve the property. The fair rental values of the properties were in excess of the rentals received plus the depreciation claimed plus the value of all other obligations ordinarily assumed by a…
1Opinion of the Court
Train, Judge:
Respondent determined the following deficiencies in the income tax of the petitioners:
Tear Deficiency
1959_$1,542.88
1960_ 1,478. 34
1961_ 1, 396.11
In docket No. 4326-63 the petitioners assigned no error with respect to respondent’s determination in the notice of deficiency dated June 28, 1963, relating to constructive dividends in the years 1959 and 1960.
The only issue for decision is whether the petitioner Samuel Yanow is entitled under the provisions of section 167(a), Internal Revenue Code of 1954,1 to deductions for depreciation of properties owned by him and rented to his…
2Cases cited16 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- United States v. GilmoreSupreme Court of the United States · 1963
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Burnet v. ClarkSupreme Court of the United States · 1932
- White v. United StatesSupreme Court of the United States · 1938
11 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Jasionowski v. CommissionerUnited States Tax Court · 1976
- Furman v. CommissionerUnited States Tax Court · 1966
- Anthony Imbesi and Hazel Imbesi v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1966
- Meredith v. CommissionerUnited States Tax Court · 1975
- Du Pont Testamentary Trust v. CommissionerUnited States Tax Court · 1974
22 more not listed; retrieve them via the Exa API.