1180 East 63rd Street Bldg. Corp. v. Commissioner
United States Tax Court
Petitioner, on accrual basis, in 1936 acquired fee title to a building and part of land on which it was erected, at which time real estate taxes on the property were delinquent; after acquisition further real estate taxes assessed against the property were not paid in full.
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Petitioner, on accrual basis, in 1936 acquired fee title to a building and part of land on which it was erected, at which time real estate taxes on the property were delinquent; after acquisition further real estate taxes assessed against the property were not paid in full. In 1942 delinquent taxes, penalties, and interest exceeded $ 55,000. By agreement between the state's attorney and petitioner, a tax foreclosure suit was brought and property was sold to petitioner's nominee for $ 24,000, from whom petitioner redeemed at the same figure; and, in separate proceedings, petitioners enjoined…
1Opinion of the Court
OPINION.
KeRn, Judge:
Petitioner strenuously urges that, although by the various court actions its in rem liability for delinquent real estate taxes was satisfied,2 there still remained outstanding its personal liability for such unpaid amounts.3 As a consequence, it argues that it should not be required to report as income that part of the amount of delinquent taxes for 1939 and 1940 which were accrued as deductions in each of those years and which resulted in tax savings, for until all liability therefor was extinguished 4 there could be no tax benefit under section 22 (b) (12) of the…
2Cases cited14 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Tyler v. United StatesSupreme Court of the United States · 1930
- Commissioner v. JacobsonSupreme Court of the United States · 1949
- Helvering v. American Dental Co.Supreme Court of the United States · 1943
- Helvering v. Midland Mutual Life InsuranceSupreme Court of the United States · 1937
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3Cited by8 opinions
- Denman Tire & Rubber Co. v. CommissionerUnited States Tax Court · 1950
- Allan v. CommissionerUnited States Tax Court · 1986
- Standard Brass & Manufacturing Co. v. CommissionerUnited States Tax Court · 1953
- Std. Brass & Mfg. Co. v. Comm'rUnited States Tax Court · 1953
- 1180 East 63rd Street Bldg. Corp. v. CommissionerUnited States Tax Court · 1949
3 more not listed; retrieve them via the Exa API.