Mayerson v. Commissioner
United States Tax Court
At the end of 1959 petitioners acquired a large business building held for sale by the estate of a deceased owner. They received a warranty deed in exchange for a long-term purchase-money mortgage under which they had no personal liability and which required only a minimal payment on principal at the outset with the option given the purchasers to pay additional principal sums. Respondent disallowed claimed depreciation deductions in the 2 years following the acquisition.
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At the end of 1959 petitioners acquired a large business building held for sale by the estate of a deceased owner. They received a warranty deed in exchange for a long-term purchase-money mortgage under which they had no personal liability and which required only a minimal payment on principal at the outset with the option given the purchasers to pay additional principal sums. Respondent disallowed claimed depreciation deductions in the 2 years following the acquisition. Respondent also disallowed a portion of another depreciation deduction claimed with respect to another income-producing…
1Opinion of the Court
Hoyt, Judge:
Respondent determined deficiencies of $11,018.48 and $22,312.75 in joint income taxes of petitioners for 1960 and 1961, respectively. Certain issues have been settled between tbe parties. A preliminary issue is whether tbe statutory notice of deficiency constitutes a determination which places the burden of proof to show error in the determination upon the petitioners. The principal issue remaining is whether petitioners are entitled to depreciation deductions on a business property located at 8th and Walnut in Cincinnati, Ohio, and, if not, what is the proper amortization period…
2Cases cited12 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Weiss v. WeinerSupreme Court of the United States · 1929
- Parker v. DelaneyCourt of Appeals for the First Circuit · 1950
- Albany Car Wheel Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1964
- Blackstone Theatre Co. v. CommissionerUnited States Tax Court · 1949
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3Cited by139 opinions
- Petzoldt v. CommissionerUnited States Tax Court · 1989
- E.A. Brannen and Frances K. Brannen v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1984
- Roberts v. CommissionerUnited States Tax Court · 1974
- Brannen v. CommissionerUnited States Tax Court · 1982
- Estate of Charles T. Franklin, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
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