Butler v. Commissioner
United States Board of Tax Appeals
1. The petitioner purchased in fee certain Ohio real estate. Subsequently he executed a lease for 99 years, renewable forever, covering this property. At the time the lease was executed the lessees paid the petitioner, in consideration of the execution of the lease, an amount of cash. Held that such amount was income to the petitioner in the year in which received and was not a return of capital.
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1. The petitioner purchased in fee certain Ohio real estate. Subsequently he executed a lease for 99 years, renewable forever, covering this property. At the time the lease was executed the lessees paid the petitioner, in consideration of the execution of the lease, an amount of cash. Held that such amount was income to the petitioner in the year in which received and was not a return of capital. Edward E. Haverstick,13 B.T.A. 837, and O'Day Investment Co.,13 B.T.A. 1230, followed. 2. In the above mentioned lease the lessees contracted to pay a balance which petitioner owed upon the real…
1Opinion of the Court
*726OPINION.
McMahon:
At the hearing of this proceeding the petitioner specifically waived his assignments of error as to the year 1924. Judgment will therefore be entered for the respondent as to that year. Petitioner likewise specifically waived his assignment of error relating to depreciation as to the year 1923 on property at 51-53 North Front Street. The petitioner failed to adduce proof as to the first assignment of error as to 1923 and the third assignment of error as to the year 1925. No mention of those assignments of error was made in petitioner’s brief and we assume that petitioner has…
2Cases cited3 opinions
- Metcalf & Eddy v. MitchellSupreme Court of the United States · 1926
- Weiss v. WeinerSupreme Court of the United States · 1929
- Ralston Steel Car Co. v. RalstonOhio Supreme Court · 1925
3Cited by7 opinions
- Crooks v. CommissionerUnited States Tax Court · 1989
- McCormack v. CommissionerUnited States Tax Court · 1987
- Butler v. CommissionerUnited States Board of Tax Appeals · 1930
- Crooks v. CommissionerUnited States Tax Court · 1989
- Giffin v. CommissionerUnited States Board of Tax Appeals · 1930
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