Spinks Realty Co. v. Commissioner
United States Board of Tax Appeals
1. The depreciated cost of a certain building owned by the petitioner, removed in 1923 in order to obtain a 99-year lease upon the land held to represent cost of said lease to the petitioner, which should be capitalized and exhausted over the term of the lease. 2. Fees paid by the petitioner for services in securing said lease are capital expenditures and should be exhausted ratably over the term of the lease.
1Opinion of the Court
*675OPINION.
Marquette :
The parties hereto have agreed that the petition in Docket No. 42185 should be dismissed, in so far as it relates' to the vear 1925 a,nd an order to that effect will be entered.
*676The first question presented is whether the depreciated cost to the petitioner of the frame building and equipment which were demolished and removed from the premises which the petitioner leased to Deuel and Scofield should be capitalized and deducted ratably by the petitioner over the term of the lease, as contended by the respondent, or deducted in 1923 as a loss sustained in that year, as claimed…
2Cited by8 opinions
- Landerman v. CommissionerUnited States Tax Court · 1970
- Nickoll v. CommissionerUnited States Tax Court · 1959
- Dana v. CommissionerUnited States Board of Tax Appeals · 1934
- Gates v. CommissionerUnited States Board of Tax Appeals · 1932
- Landerman v. CommissionerUnited States Tax Court · 1970
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