Frankenfield v. Commissioner
United States Tax Court
Payments Under Lease -- Capital Gain or Ordinary Income. -- Petitioner and others owned and were lessors of real estate for a 50-year term. The lessee constructed a building thereon which by the terms of the lease would become the property of the lessors on termination. Thirteen years before the lease was to terminate the parties executed a new lease for another 50-year term to begin on termination of the first.
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Payments Under Lease -- Capital Gain or Ordinary Income. -- Petitioner and others owned and were lessors of real estate for a 50-year term. The lessee constructed a building thereon which by the terms of the lease would become the property of the lessors on termination. Thirteen years before the lease was to terminate the parties executed a new lease for another 50-year term to begin on termination of the first. The new lease contained a provision for payment of $ 475 per month by lessee to lessors during the interim, purportedly in consideration of a sale by lessors to lessee of the building…
1Opinion of the Court
Estate of Budd Frankenfield, Deceased (Mabel W. Frankenfield, Former Executrix), Lorraine F. Rude, Executrix, et al., * Petitioners, v. Commissioner of Internal Revenue, Respondent
Frankenfield v. Commissioner
Docket Nos. 28269, 28270, 28271
United States Tax Court
17 T.C. 1304; 1952 U.S. Tax Ct. LEXIS 277;
February 14, 1952, Promulgated
Decision will be entered under Rule 50.
Payments Under Lease -- Capital Gain or Ordinary Income. -- Petitioner and others owned and were lessors of real estate for a 50-year term. The lessee constructed a building thereon which by the terms of the lease would become…
2Cases cited8 opinions
- Bowen v. CommissionerUnited States Tax Court · 1949
- Gilken Corporation v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1949
- Gilken Corp. v. CommissionerUnited States Tax Court · 1948
- Hirsch Improvement Co. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1944
- Frankenfield v. CommissionerUnited States Tax Court · 1952
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