Park & 46th Street Corp. v. Commissioner
United States Tax Court
Excess Profits Tax -- Relief Under Section 722 -- 722 (b) (5). -- The petitioner has not established its right to relief under section 722 (b) (5) by showing that deductions for depreciation of the cost of assets having lives coextensive with a lease were larger in the base period than in the tax years because the term of the lease was extended in 1941, thus reducing the rate.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner denied the petitioner’s applications for relief under section 722 for 1942, 1943, and 1944. The petitioner claims that it is entitled to relief under section 722 (b) (5). The facts have been stipulated.
The petitioner is a New York Corporation, organized in 1923. It operates an office building at 250 Park Avenue, New York City. The building, completed on or about May 1, 1925, was erected by the petitioner under a ground lease, on land owned by another. The original term of the ground lease ran to March 31, 1944, but in 1935 it was extended to October 1,…
2Cases cited2 opinions
- Clinton Carpet Co. v. CommissionerUnited States Tax Court · 1950
- Philadelphia, G. & N. R. Co. v. CommissionerUnited States Tax Court · 1946
3Cited by8 opinions
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- Telfair Stockton & Co. v. CommissionerUnited States Tax Court · 1953
- Santee River Hardwood Co. v. CommissionerUnited States Tax Court · 1956
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- Park & 46th Street Corp. v. CommissionerUnited States Tax Court · 1950
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