Southeastern Bldg. Corp. v. Commissioner
United States Tax Court
1. In the deficiency notice the Commissioner added $ 2,700 to petitioner's gross income because of the redemption, for $ 6,300, of bonds of a face value of $ 9,000. Held, one-half of the $ 2,700 was properly excluded from gross income, under section 22 (b) (9) of the Internal Revenue Code, but that the other half, being gain upon bond redemption prior to the effective date of the act, may not be excluded. 2. Petitioner owned a building constructed for the particular…
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1. In the deficiency notice the Commissioner added $ 2,700 to petitioner's gross income because of the redemption, for $ 6,300, of bonds of a face value of $ 9,000. Held, one-half of the $ 2,700 was properly excluded from gross income, under section 22 (b) (9) of the Internal Revenue Code, but that the other half, being gain upon bond redemption prior to the effective date of the act, may not be excluded. 2. Petitioner owned a building constructed for the particular requirements of a lessee. Such particular use had been discontinued in a prior year, and prior to the taxable year petitioner…
1Opinion of the Court
OPINION.
Disney, -Judge'.
Since the amendment of petition and abandonment of issues, the petitioner now presents only the following assignments of error:(a) That the Commissioner erred in failing to find and hold that the petitioner was in an unsound financial condition and was, therefore, entitled to exclude from gross income for 1939, under section 22 (b) (9) of tbe Internal Revenue Code,1 tbe $2,700 gain from retirement of bonds.(b) That the Commissioner erred in allowing depreciation of only $3,291 for 1939, whereas he should have allowed depreciation, including obsolescence, in the sum of…
2Cases cited4 opinions
- United States v. LudeySupreme Court of the United States · 1927
- Real Estate - Land Title & Trust Co. v. United StatesSupreme Court of the United States · 1940
- Burnet v. Niagara Falls Brewing Co.Supreme Court of the United States · 1931
- United States Cartridge Co. v. United StatesSupreme Court of the United States · 1932
3Cited by29 opinions
- Radio Station WBIR, Inc. v. CommissionerUnited States Tax Court · 1959
- Cluck v. CommissionerUnited States Tax Court · 1995
- Bush Terminal Bldgs. Co. v. CommissionerUnited States Tax Court · 1946
- Dunn v. CommissionerUnited States Tax Court · 1964
- Zimmerman v. CommissionerUnited States Tax Court · 1976
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