Legal Opinion
Commissioner of Int. Rev. v. Penn Athletic Club Bldg.
Court of Appeals for the Third Circuit
Decided September 29, 1949No. 9834PublishedCited by 21 opinions
1Opinion of the Court
KALODNER, Circuit Judge.
The principal issue presented by the Commissioner’s petition to review the decision of the Tax Court is whether the taxpayer, Girard Trust Company (“Girard”), held the property here involved as an owner in fee or as a mortgagee in possession. If Girard held as an owner in fee, rents received were includable in its gross income. If it held as a mortgagee in possession, the rentals were, of course, simply a return of capital to be applied in reduction of the mortgage debt and were not taxable as income.
The Tax Court found (five judges dissenting) that Girard held as a…
2Cases cited7 opinions
- United States v. United States Gypsum Co.Supreme Court of the United States · 1948
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Peugh v. DavisSupreme Court of the United States · 1878
- Tex-Penn Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1936
- Williams Et Ux. v. MoodhardSupreme Court of Pennsylvania · 1941
2 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Blum v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1950
- Abkco Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1973
- Commissioner of Internal Revenue v. Dill CompanyCourt of Appeals for the Third Circuit · 1961
- 25 Collier bankr.cas.2d 1393, Bankr. L. Rep. P 74,350 in Re Pch Associates, Formerly Known as Simon Associates, Debtor. Liona Corporation, Inc. v. Pch Associates, Formerly Known as Simon Associates, Westinghouse Electric Corporation, Nico Construction Company, Inc., Pch Associates, Formerly Known as Simon AssociatesCourt of Appeals for the Second Circuit · 1991
- Kelley v. CommissionerCourt of Appeals for the Ninth Circuit · 1995
16 more not listed; retrieve them via the Exa API.