Swanson v. Commissioner
United States Board of Tax Appeals
1. Held, that the Fullerton Parkway Land Trust was, in 1925 and 1926, an association taxable as a corporation. 2. Held, further, that such association is not entitled to claimed increase in deduction for depreciation including obsolescence upon its building for the years 1925 and 1926, since it does not appear that there was any diminution in the earnings and in the value of such building resulting from the increased building activities in the section in which such building…
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1. Held, that the Fullerton Parkway Land Trust was, in 1925 and 1926, an association taxable as a corporation. 2. Held, further, that such association is not entitled to claimed increase in deduction for depreciation including obsolescence upon its building for the years 1925 and 1926, since it does not appear that there was any diminution in the earnings and in the value of such building resulting from the increased building activities in the section in which such building was located.
1Opinion of the Court
*1129■ OPINION.
McMahon:
The first question to be determined is whether the Fullerton Parkway Land Trust is a trust or an association taxable as a corporation within the meaning of section 2 (a) (2) of the Revenue Act of 1926, which is as follows:
Sec. 2. (a) When used in this Act—
* * * * * * *(2) The term “corporation” includes associations, joint stock companies, and insurance companies.
In Trust No. 5833, Security-First Natl. Bank v. Welch, 50 Fed. (2d) 613; affd., 54 Fed. (2d) 323; certiorari denied, 286 U.S. 544, it appears that a real estate operator in association with other persons undertook…
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