Greene v. Commissioner
United States Tax Court
The corporation acquired land on which it intended to build a motel. Although the land was acquired with the intent to demolish the buildings situated thereon, it was acquired under conditions which permitted the occupants of the dwelling to remain until the motel construction progressed to a point which required their removal.
Read the full summary
The corporation acquired land on which it intended to build a motel. Although the land was acquired with the intent to demolish the buildings situated thereon, it was acquired under conditions which permitted the occupants of the dwelling to remain until the motel construction progressed to a point which required their removal. The corporation reported gross rents of $ 13,347.42 for its taxable year 1972. Held: The rents did not constitute "proceeds from demolition" which, properly accounted for, would reduce the corporation's basis in the land. No meritorious grounds for deciding that the…
1Opinion of the Court
Albert A. Greene and Margaret L. Greene, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Greene v. Commissioner
Docket Nos. 5972-77, 5973-77, 5975-77, 5976-77, 5977-77, 5978-77, 5979-77, 5982-77, 5983-77, 5988-77, 6187-77
United States Tax Court
70 T.C. 534; 1978 U.S. Tax Ct. LEXIS 92;
July 11, 1978, Filed
The corporation acquired land on which it intended to build a motel. Although the land was acquired with the intent to demolish the buildings situated thereon, it was acquired under conditions which permitted the occupants of the dwelling to remain until the motel…
2Cases cited4 opinions
- Hillside Nat'l Bank v. CommissionerUnited States Tax Court · 1961
- Llewellyn v. CommissionerUnited States Tax Court · 1978
- Osborne v. CommissionerUnited States Tax Court · 1970
- Greene v. CommissionerUnited States Tax Court · 1978