Gersten v. Commissioner
United States Tax Court
1. Four corporations in which certain of the petitioners were stockholders were engaged in the business of subdividing tracts of land into lots and constructing and selling houses thereon. To procure the waterlines necessary to supply water for the houses so built and sold, the corporations, under contracts with the water company, paid the cost of the extension of the water company's lines into the various properties.
Read the full summary
1. Four corporations in which certain of the petitioners were stockholders were engaged in the business of subdividing tracts of land into lots and constructing and selling houses thereon. To procure the waterlines necessary to supply water for the houses so built and sold, the corporations, under contracts with the water company, paid the cost of the extension of the water company's lines into the various properties. For a period of 10 years from the date of completion of the waterlines, the water company agreed to make payments to the corporations based on a percentage of the gross revenue…
1Opinion of the Court
Albert Gersten, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Gersten v. Commissioner
Docket Nos. 51226, 51227, 51228, 51229, 51230, 51231, 51232, 51233, 51234, 51235, 51236, 51237, 51238, 51239, 51240, 51241, 51242
United States Tax Court
28 T.C. 756; 1957 U.S. Tax Ct. LEXIS 136;
June 28, 1957, Filed
Decisions will be entered under Rule 50.
1. Four corporations in which certain of the petitioners were stockholders were engaged in the business of subdividing tracts of land into lots and constructing and selling houses thereon. To procure the waterlines necessary to supply…
2Cases cited32 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Putnam v. CommissionerSupreme Court of the United States · 1956
- United States v. Beacon Brass Co.Supreme Court of the United States · 1952
- Commissioner of Internal Revenue v. CarterCourt of Appeals for the Second Circuit · 1948
- Colony, Inc. v. CommissionerUnited States Tax Court · 1956
27 more not listed; retrieve them via the Exa API.