Golonsky v. Commissioner
United States Tax Court
Capital Gain -- Cancellation of Lease -- Income to Lessee. -- The amount received by the lessee from the owner for accelerated cancellation of a lease creates a capital gain since use and possession, valuable property rights, are thereby transferred from the lessee to the owner.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined an income tax deficiency of $1,180.31 against Isadore Golonsky and one of $901.40 against Frank Gold, for 1944. The only issue is whether the Commissioner erred in holding that $3,750, the amount received by each petitioner from Sansom Realty Company, was taxable to him as ordinary income instead of as a long term capital gain. The facts have been stipulated.
The petitioners filed their returns for 1944 with the collector of internal revenue for the first district of Pennsylvania.
Golonsky leased the premises at 1842 Market Street,…
2Cases cited5 opinions
- Hort v. CommissionerSupreme Court of the United States · 1941
- Hale v. HelveringCourt of Appeals for the D.C. Circuit · 1936
- Jones, Collector of Internal Revenue v. CorbynCourt of Appeals for the Tenth Circuit · 1950
- Milliken v. CommissionerUnited States Tax Court · 1950
- United Cigar-Whelan Stores Corp. v. District of ColumbiaCourt of Appeals for the D.C. Circuit · 1949
3Cited by52 opinions
- Commissioner of Internal Revenue v. Golonsky. Commissioner of Internal Revenue v. GoldCourt of Appeals for the Third Circuit · 1952
- Ferrer v. CommissionerUnited States Tax Court · 1961
- Ray v. CommissionerUnited States Tax Court · 1952
- Galt v. CommissionerUnited States Tax Court · 1953
- McCue Bros. & Drummond, Inc. v. CommissionerUnited States Tax Court · 1953
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