353 Lexington Ave. Corp. v. Commissioner
United States Board of Tax Appeals
Held, that the cost of a lease, the original term of which was for a period of 21 years, with an option to renew for three like additional periods, the rentals for the renewal periods to be based on an appraisal of the land, should be exhausted over the original term. Bonwit Teller & Co. v. Commissioner, 53 Fed.(2d) 381, followed.
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Held, that the cost of a lease, the original term of which was for a period of 21 years, with an option to renew for three like additional periods, the rentals for the renewal periods to be based on an appraisal of the land, should be exhausted over the original term. Bonwit Teller & Co. v. Commissioner, 53 Fed.(2d) 381, followed. Held, further, that respondent's allowance of depreciation deductions at the rate of 3 per cent per annum must be approved, in the absence of evidence of the useful life of the building erected by the lessee on the leased premises.
1Opinion of the Court
353 LEXINGTON AVENUE CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
353 Lexington Ave. Corp. v. Commissioner
Docket No. 65089.
United States Board of Tax Appeals
27 B.T.A. 762; 1933 BTA LEXIS 1308;
February 20, 1933, Promulgated
Held, that the cost of a lease, the original term of which was for a period of 21 years, with an option to renew for three like additional periods, the rentals for the renewal periods to be based on an appraisal of the land, should be exhausted over the original term. Bonwit Teller & Co. v. Commissioner, 53 Fed.(2d) 381, followed. Held, further,…
2Cases cited2 opinions
- Eimer & Amend v. CommissionerUnited States Board of Tax Appeals · 1925
- 353 Lexington Ave. Corp. v. CommissionerUnited States Board of Tax Appeals · 1933