Alexander v. Commissioner
United States Board of Tax Appeals
After the death of her husband in 1929 Kate H. Alexander, decedent herein, was the owner of a parcel of real estate in the city of Louisville, Kentucky, which had been leased by her husband to tenants for a term of 99 years. One of the terms of the lease was that the tenants should erect a building on the premises at their own cost, which they did.
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After the death of her husband in 1929 Kate H. Alexander, decedent herein, was the owner of a parcel of real estate in the city of Louisville, Kentucky, which had been leased by her husband to tenants for a term of 99 years. One of the terms of the lease was that the tenants should erect a building on the premises at their own cost, which they did. After the depression came, the rentals under the lease became very burdensome, and in 1932 the lessee assigned the lease to an insolvent corporation. The decedent contested the validity of this assignment in the courts and in 1933 the lower court…
1Opinion of the Court
*55OPINION.
Black:
The petition contains only one assignment of error, and it is as follows:
The respondent erred in including in petitioner’s income for the year 1934 •on account of the cancellation of a ninety-nine year lease on property located in the City of Louisville, State of Kentucky, the sum of $150,000.00, which represents the respondent’s alleged value, at the time of said cancellation, of improvements made on said property by the lessee.
The petitioners, who are the executors of the estate of Kate H. Alexander, in their brief advance several points in support of their contention that the…
2Cases cited4 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Helvering v. BruunSupreme Court of the United States · 1940
- Helvering, Commissioner of Internal Revenue, v. Wood Et Al., TrusteesSupreme Court of the United States · 1940
- Helvering v. Center Investment Co.Supreme Court of the United States · 1940