1180 East 63rd Street Bldg. Corp. v. Commissioner
United States Tax Court
Petitioner, on accrual basis, in 1936 acquired fee title to a building and part of land on which it was erected, at which time real estate taxes on the property were delinquent; after acquisition further real estate taxes assessed against the property were not paid in full.
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Petitioner, on accrual basis, in 1936 acquired fee title to a building and part of land on which it was erected, at which time real estate taxes on the property were delinquent; after acquisition further real estate taxes assessed against the property were not paid in full. In 1942 delinquent taxes, penalties, and interest exceeded $ 55,000. By agreement between the state's attorney and petitioner, a tax foreclosure suit was brought and property was sold to petitioner's nominee for $ 24,000, from whom petitioner redeemed at the same figure; and, in separate proceedings, petitioners enjoined…
1Opinion of the Court
1180 East 63rd Street Building Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
1180 East 63rd Street Bldg. Corp. v. Commissioner
Docket No. 15731
United States Tax Court
12 T.C. 437; 1949 U.S. Tax Ct. LEXIS 240;
March 25, 1949, Promulgated
Decision will be entered under Rule 50.
Petitioner, on accrual basis, in 1936 acquired fee title to a building and part of land on which it was erected, at which time real estate taxes on the property were delinquent; after acquisition further real estate taxes assessed against the property were not paid in full. In 1942 delinquent taxes,…
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