Hamilton & Main, Inc. v. Commissioner
United States Tax Court
Petitioner as lessor received in May 1946 the sum of $ 10,000 from United Aircraft Corporation as lessee in consideration of the cancellation and termination of a 2-year lease beginning May 1, 1944, and the mutual release of each party from all obligations thereunder.
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Petitioner as lessor received in May 1946 the sum of $ 10,000 from United Aircraft Corporation as lessee in consideration of the cancellation and termination of a 2-year lease beginning May 1, 1944, and the mutual release of each party from all obligations thereunder. The property covered by the lease, consisting of land and buildings, together with certain personal property and the right under the lease to require the tenant to repair and restore the buildings, had been acquired by petitioner in a lump-sum purchase on April 25, 1946. Held, the $ 10,000 paid to petitioner is to be treated as…
1Opinion of the Court
OPINION.
Bruce, Judge:
The first question with which we are presented is whether the sum of $10,000 received by petitioner as lessor from United Aircraft Corporation as lessee upon the cancellation and termination of the lease dated May 1, 1944, is taxable as ordinary income within the meaning of section 22 (a), Internal Revenue Code of 1939.
Pursuant to an agreement dated April 30, 1946, the petitioner as lessor received in May 1946 the sum of $10,000 from United Aircraft Corporation as lessee in consideration of the cancellation and termination of a 2-year lease beginning May 1,1944, and the…
2Cases cited8 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Durkee v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1947
- United Mercantile Agencies, Inc. v. CommissionerUnited States Tax Court · 1955
- Farmers' & Merchants' Bank of Catlettsburg, KY. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1932
- Swastika Oil & Gas Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1941
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3Cited by5 opinions
- Commissioner v. RissCourt of Appeals for the Eighth Circuit · 1967
- Commissioner of Internal Revenue v. Richard R. Riss, Sr., Richard R. Riss, Sr. v. Commissioner of Internal Revenue, (Two Cases). Richard R. Riss, Sr. And Helen G. Riss v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1967
- Halle v. CommissionerUnited States Tax Court · 1996
- Elward v. United StatesDistrict Court, N.D. Illinois · 1976
- Hamilton & Main, Inc. v. CommissionerUnited States Tax Court · 1956