Legal Opinion
The 1220 Realty Company v. Commissioner of Internal Revenue, Wheeler-Annex Properties, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Sixth Circuit
Decided September 16, 1963No. 15053_1PublishedCited by 8 opinions
1Opinion of the Court
WEICK, Circuit Judge.
The principal question presented is whether the assignees of two 99 year leases with unexpired terms of 64 and 68 years, respectively, were entitled to amortize their entire cost basis of acquiring the leases over the useful life of buildings located on the leased premises which they estimated at only 20 years.
The Tax Court, relying on David Dab, 28 T.C. 933, affirmed in Dab v. Commissioner, 255 F.2d 788 (C.A.2), held that the cost of acquisition must be amortized over a much longer period, namely, the unexpired terms of the leases.
Taxpayers in the present cases were…
2Cases cited14 opinions
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Weiss v. WeinerSupreme Court of the United States · 1929
- United States v. Consolidated Edison Co. of NYSupreme Court of the United States · 1961
- Guardian Investment Corporation v. Robert L. Phinney, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Century Electric Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1951
9 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Gunderson Bros. Engineering Corp. v. CommissionerUnited States Tax Court · 1964
- United States v. Georgia Railroad and Banking CompanyCourt of Appeals for the Fifth Circuit · 1965
- Lomas Santa Fe, Inc. v. CommissionerUnited States Tax Court · 1980
- Lomas Santa Fe, Inc. v. CommissionerCourt of Appeals for the Ninth Circuit · 1982
- CGF Indus., Inc. v. CommissionerUnited States Tax Court · 1999
3 more not listed; retrieve them via the Exa API.