Molbreak v. Commissioner
United States Tax Court
Petitioners and another individual, Leonard Schmock (in docket No. 8233-71), formed Westshore, Inc., a real estate corporation which executed a 99-year lease agreement in August 1960 for 6 acres of land, including an option at any time during the continuance of said lease to purchase the fee for $ 200,000. Petitioners were directors and the controlling stockholders of the corporation.
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Petitioners and another individual, Leonard Schmock (in docket No. 8233-71), formed Westshore, Inc., a real estate corporation which executed a 99-year lease agreement in August 1960 for 6 acres of land, including an option at any time during the continuance of said lease to purchase the fee for $ 200,000. Petitioners were directors and the controlling stockholders of the corporation. On Apr. 6, 1967, one of the petitioners requested the State of Wisconsin Dane County Probate Court to permit Westshore, Inc., to exercise the option with respect to 1.3 acres of the 6 acres covered by the…
1Opinion of the Court
Vernon Molbreak and Jean D. Molbreak, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Molbreak v. Commissioner
Docket Nos. 8226-71, 8248-71
United States Tax Court
61 T.C. 382; 1973 U.S. Tax Ct. LEXIS 4; 61 T.C. No. 43;
December 26, 1973, Filed
Decisions will be entered under Rule 50.
Petitioners and another individual, Leonard Schmock (in docket No. 8233-71), formed Westshore, Inc., a real estate corporation which executed a 99-year lease agreement in August 1960 for 6 acres of land, including an option at any time during the continuance of said lease to purchase the fee for $…
2Cases cited26 opinions
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- Merrill v. CommissionerUnited States Tax Court · 1963
- June Pinson Carlton and Charles T. Carlton, as Administrators of the Estate of Thad H. Carlton, and June Carlton v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- Century Electric Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1951
- Reily v. CommissionerUnited States Tax Court · 1969
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