Landerman v. Commissioner
United States Tax Court
A partnership, of which two of the petitioners were partners, owned land and buildings. In the early spring of 1964, the partnership commenced negotiations for a ground lease with a prospective tenant. The negotiations contemplated prompt demolition of the buildings. The lease, executed on Sept. 30, 1964, provided that the tenant should have the option to demolish.
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A partnership, of which two of the petitioners were partners, owned land and buildings. In the early spring of 1964, the partnership commenced negotiations for a ground lease with a prospective tenant. The negotiations contemplated prompt demolition of the buildings. The lease, executed on Sept. 30, 1964, provided that the tenant should have the option to demolish. Demolition occurred in 1965. Held, the demolition was "pursuant to the requirements of a lease" ( sec. 1.165-3(b)(2), Income Tax Regs.); the partnership is not entitled to deduct a demolition loss in 1965 but is required to…
1Opinion of the Court
OPINION
The sole issue herein is whether petitioners are entitled to a loss deduction pursuant to section 165(a)2 on account of the demolition by a lessee of a building (including disposal of the contents) owned by a partnership in which Herman and Investment were the sole partners. The partnership treated the adjusted basis of the building, fixtures, and equipment as of January 1, 1965, in the amount of $610,982.13 as a demolition loss for the year 1965. Respondent in his notice of deficiency allowed a depreciation deduction to the partnership for the period January 1 to April 30,1965, and…
2Cases cited14 opinions
- Massey Motors, Inc. v. United StatesSupreme Court of the United States · 1960
- Young v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1932
- Anahma Realty Corporation v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1930
- Meyer Feldman v. Wilson B. Wood, Director of Internal Revenue for ArizonaCourt of Appeals for the Ninth Circuit · 1964
- Hillside Nat'l Bank v. CommissionerUnited States Tax Court · 1961
9 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Miller v. CommissionerUnited States Tax Court · 1985
- Gilman v. CommissionerUnited States Tax Court · 1979
- Herman Landerman v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1971
- Grossman v. CommissionerUnited States Tax Court · 1980
- Levinson v. CommissionerUnited States Tax Court · 1973
15 more not listed; retrieve them via the Exa API.