Grossman v. Commissioner
United States Tax Court
Petitioner, a resident of California, owned 50 percent of a parcel of improved real estate in New Jersey. The other 50 percent was owned by petitioner's brother who lived in New Jersey. Petitioner and his brother had the building on the parcel demolished and claimed demolition loss deductions therefor. Immediately after demolition, the parcel was leased to a person with whom lease negotiations had previously collapsed.
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Petitioner, a resident of California, owned 50 percent of a parcel of improved real estate in New Jersey. The other 50 percent was owned by petitioner's brother who lived in New Jersey. Petitioner and his brother had the building on the parcel demolished and claimed demolition loss deductions therefor. Immediately after demolition, the parcel was leased to a person with whom lease negotiations had previously collapsed. Petitioner's return was audited and a "no change" letter issued. Later petitioner's brother's return was audited and certain disallowances proposed, including that brother's…
1Opinion of the Court
Sterrett, Judge:
By letter dated April 6, 1978, respondent determined a deficiency in income taxes due from petitioners for their taxable year ended December 31, 1974, in the amount of $20,625. The issues for decision herein are: (1) Whether there was a second inspection of petitioners’ books and records within the meaning of section 7605(b), I.R.C. 1954, and (2) the character, as currently deductible or capital, of certain claimed demolition expenses. A third issue, with respect to the amount of income petitioners must recognize with respect to an installment sale of property in New York…
2Cases cited9 opinions
- United States v. PowellSupreme Court of the United States · 1964
- Cullinan v. Walker, Collector of Internal RevenueSupreme Court of the United States · 1923
- Benjamin v. CommissionerUnited States Tax Court · 1976
- Blanche S. Benjamin v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1979
- Collins v. CommissionerUnited States Tax Court · 1974
4 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- In Re Philadelphia Athletic Club, Inc.District Court, E.D. Pennsylvania · 1982
- Curtis v. CommissionerUnited States Tax Court · 1985
- Rice v. CommissionerUnited States Tax Court · 1994
- McCree v. Comm'rUnited States Tax Court · 2017
- M. J. Byorick, Inc. v. CommissionerUnited States Tax Court · 1988
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