Lake Petersburg Asso. v. Commissioner
United States Tax Court
Petitioner, organized pursuant to the "General Not For Profit Corporation Act" of Illinois, constructed a man-made lake with funds received by it from its members. Upon paying a membership fee, each member became entitled to lease lots near the lake, for which each member was required to pay a lot assessment plus an annual lot rental fee.
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Petitioner, organized pursuant to the "General Not For Profit Corporation Act" of Illinois, constructed a man-made lake with funds received by it from its members. Upon paying a membership fee, each member became entitled to lease lots near the lake, for which each member was required to pay a lot assessment plus an annual lot rental fee. Held: Petitioner is not exempt from taxation pursuant to section 501. Held, further: The lot assessments paid to petitioner are contributions to capital and not includable in petitioner's gross income. Held, further: The membership fees and annual lot…
1Opinion of the Court
LAKE PETERSBURG ASSOCIATION, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Lake Petersburg Asso. v. Commissioner
Docket No. 1559-72.
United States Tax Court
T.C. Memo 1974-55; 1974 Tax Ct. Memo LEXIS 266; 33 T.C.M. (CCH) 259; T.C.M. (RIA) 74055;
March 5, 1974, Filed.
Petitioner, organized pursuant to the "General Not For Profit Corporation Act" of Illinois, constructed a man-made lake with funds received by it from its members. Upon paying a membership fee, each member became entitled to lease lots near the lake, for which each member was required to pay a lot assessment plus an annual…
2Cases cited13 opinions
- Logan Lumber Company v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1966
- Ciaio v. CommissionerUnited States Tax Court · 1967
- Chattanooga Automobile Club v. Commissioner of Internal Revenue. Warren Automobile Club, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1950
- Landa v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. AstinCourt of Appeals for the D.C. Circuit · 1953
- United States v. Harold M. Ekberg and Secrie EkbergCourt of Appeals for the Eighth Circuit · 1961
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3Cited by1 opinion
- Washington Athletic Club v. United States of America, Washington Athletic Club v. United StatesCourt of Appeals for the Ninth Circuit · 1980