Legal Opinion
Queensboro Corporation v. Commissioner of Internal Rev.
Court of Appeals for the Second Circuit
Decided April 7, 1943No. 142PublishedCited by 3 opinions
1Opinion of the Court
AUGUSTUS N. HAND, Circuit Judge.
The taxpayer, Queensboro Corporation, was organized under the laws of the State of New York and under its charter is authorized to buy and sell real property and to transact a general real estate agency and brokerage business.
In 1909 or 1910 the taxpayer purchased thirteen unimproved lots in Long Island City, known as the Plaza property. These lots were bought subject to an existing mortgage of $50,000, dated July 1, 1909, and bearing interest at 5%, and $45,450 was paid in cash for the equity in the property. On October 1, 1911, the taxpayer erected a…
2Cases cited5 opinions
- Walsh v. BrewsterSupreme Court of the United States · 1921
- Central Real Estate Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1931
- Fraser v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1928
- Oswego & S. R. Co. v. CommissionerCourt of Appeals for the Second Circuit · 1928
- H. M. O. Lumber Co. v. United StatesCourt of Appeals for the Sixth Circuit · 1932
3Cited by3 opinions
- Hartmaier v. LongSupreme Court of Missouri · 1951
- Malmstedt v. CommissionerUnited States Tax Court · 1976
- Nevin v. CommissionerUnited States Tax Court · 1965