Peters v. Commissioner
United States Tax Court
1. In November 1939 petitioner acquired through the partial liquidation of a Massachusetts voluntary association, taxable as a corporation, an undivided interest in certain real property then under lease to the Woolworth Co. Held, the right to receive rental under the lease was acquired as an incident to the real property and the difference between the total rentals payable under the unexpired term of the lease and the estimated fair rental value for a like term was not…
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1. In November 1939 petitioner acquired through the partial liquidation of a Massachusetts voluntary association, taxable as a corporation, an undivided interest in certain real property then under lease to the Woolworth Co. Held, the right to receive rental under the lease was acquired as an incident to the real property and the difference between the total rentals payable under the unexpired term of the lease and the estimated fair rental value for a like term was not acquired as a separate exhaustible asset (as claimed by petitioner), amortizable over the remaining term of the lease. 2.…
1Opinion of the Court
OPINION.
Arnold, Judge-.
In this proceeding the Commissioner has determined an income tax deficiency for 1941 in the amount of $451.11. Two issues are presented: (1) Whether petitioner is entitled to an amortization deduction for exhaustion of the cost of “excess rentals” paid under a lease on real property, the fee of which was acquired November 14, 1939; and (2) whether petitioner is entitled to deduct prepaid insurance on various policies covering a period of three years from the date written in 1941 by a taxpayer on the cash receipts and disbursements basis, or only an aliquot part of the…
2Cases cited1 opinion
- Glidden v. Second Avenue Investment Co.Supreme Court of Minnesota · 1914
3Cited by30 opinions
- Commissioner of Internal Revenue v. Moore. Moore v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1953
- Koch v. CommissionerUnited States Tax Court · 1978
- Moore v. CommissionerUnited States Tax Court · 1950
- Blitzer v. United StatesUnited States Court of Claims · 1982
- Farwell v. CommissionerUnited States Tax Court · 1960
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