Estate of Alexander v. Commissioner

*55OPINION.

Black:

The petition contains only one assignment of error, and it is as follows:

The respondent erred in including in petitioner’s income for the year 1934 •on account of the cancellation of a ninety-nine year lease on property located in the City of Louisville, State of Kentucky, the sum of $150,000.00, which represents the respondent’s alleged value, at the time of said cancellation, of improvements made on said property by the lessee.

The petitioners, who are the executors of the estate of Kate H. Alexander, in their brief advance several points in support of their contention that the…