Kissel v. Commissioner
United States Board of Tax Appeals
1. Where a taxpayer owns a life interest in real property and erects a building thereon with her own funds, the life of which extends beyond the life expectancy of the life tenant, she is entitled to deduct in each year that portion of the cost which the taxable year bears to her total expectancy of life, as shown by life tables, but she is not entitled under the circumstances of this case to an additional deduction representing exhaustion of the building over its own life.…
Read the full summary
1. Where a taxpayer owns a life interest in real property and erects a building thereon with her own funds, the life of which extends beyond the life expectancy of the life tenant, she is entitled to deduct in each year that portion of the cost which the taxable year bears to her total expectancy of life, as shown by life tables, but she is not entitled under the circumstances of this case to an additional deduction representing exhaustion of the building over its own life. 2. Real property taxes paid by the petitioner, pursuant to a covenant in the lease requiring her to pay the taxes "as…
1Opinion of the Court
*1273OPINION.
MoRRis:
Pursuant to stipulation entered into between the parties, the facts appertaining to the first and second issues herein have been found from Caroline T. Kissel, 15 B. T. A. 705, in so far as applicable to the taxable years in controversy. The parties have also stipulated that those issues should be decided according to the final decision in that case, in which we held that the petitioner was entitled to deduct in each year that portion of the cost which the taxable year bears to her total life expectancy as shown by life tables, but that she was not entitled to any additional…
2Cases cited4 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Laemmle v. EisnerDistrict Court, S.D. New York · 1920
- Chile Copper Co. v. EdwardsDistrict Court, S.D. New York · 1923
3Cited by18 opinions
- Kales v. CommissionerCourt of Appeals for the Sixth Circuit · 1939
- Miller v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1939
- Merchants Bank Bldg. Co. v. HelveringCourt of Appeals for the Eighth Circuit · 1936
- Lifson v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1938
- Wood v. RasquinDistrict Court, E.D. New York · 1937
13 more not listed; retrieve them via the Exa API.