Schubert v. Commissioner
United States Tax Court
Petitioner is a life beneficiary of a testamentary trust which includes in the corpus certain land which decedent had leased on a long-term lease. The tenant constructed one building on this and adjacent parcels of land. The estimated useful life of the building extended beyond the term of the lease.
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Petitioner is a life beneficiary of a testamentary trust which includes in the corpus certain land which decedent had leased on a long-term lease. The tenant constructed one building on this and adjacent parcels of land. The estimated useful life of the building extended beyond the term of the lease. Held, petitioner is not entitled to a deduction for depreciation of the building; held, further, petitioner is not entitled to amortize the purported premium portion of the lease; and, held, further, section 275(b), I.R.C. 1939, is not applicable under the facts of this case to the year 1953.
1Opinion of the Court
Mulroney, Judge:
The respondent determined deficiencies in petitioner’s income tax for the years 1953,1954, and 1955 in the amounts of $672.63, $2,938.13, and $2,782.92, respectively.
Petitioner is the beneficiary of a testamentary trust and thus required to report trust income distributed or distributable to her, including rents from land decedent had leased on a long-term lease, and on which the lessee had built a building. The questions are:(1) Whether, in reporting such rents, petitioner is entitled to a deduction for depreciation during the years before the Court;(2) Whether petition is…
2Cases cited9 opinions
- Commissioner of Internal Revenue v. Moore. Moore v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1953
- Rowan v. CommissionerUnited States Tax Court · 1954
- Moore v. CommissionerUnited States Tax Court · 1950
- Peters v. CommissionerUnited States Tax Court · 1945
- Friend v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1941
4 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Vaira v. CommissionerUnited States Tax Court · 1969
- Koch v. CommissionerUnited States Tax Court · 1978
- Rosalie M. Schubert v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1961
- World Publishing Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1962
- Currier v. CommissionerUnited States Tax Court · 1968
21 more not listed; retrieve them via the Exa API.