Butler v. Commissioner
United States Board of Tax Appeals
1. The petitioner purchased in fee certain Ohio real estate. Subsequently he executed a lease for 99 years, renewable forever, covering this property. At the time the lease was executed the lessees paid the petitioner, in consideration of the execution of the lease, an amount of cash. Held that such amount was income to the petitioner in the year in which received and was not a return of capital.
Read the full summary
1. The petitioner purchased in fee certain Ohio real estate. Subsequently he executed a lease for 99 years, renewable forever, covering this property. At the time the lease was executed the lessees paid the petitioner, in consideration of the execution of the lease, an amount of cash. Held that such amount was income to the petitioner in the year in which received and was not a return of capital. Edward E. Haverstick,13 B.T.A. 837, and O'Day Investment Co.,13 B.T.A. 1230, followed. 2. In the above mentioned lease the lessees contracted to pay a balance which petitioner owed upon the real…
1Opinion of the Court
JAMES M. BUTLER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Butler v. Commissioner
Docket No. 34730.
United States Board of Tax Appeals
19 B.T.A. 718; 1930 BTA LEXIS 2342;
April 25, 1930, Promulgated
1. The petitioner purchased in fee certain Ohio real estate. Subsequently he executed a lease for 99 years, renewable forever, covering this property. At the time the lease was executed the lessees paid the petitioner, in consideration of the execution of the lease, an amount of cash. Held that such amount was income to the petitioner in the year in which received and was not a return…
2Cases cited16 opinions
- Metcalf & Eddy v. MitchellSupreme Court of the United States · 1926
- Weiss v. WeinerSupreme Court of the United States · 1929
- Gonzalez v. Roman Catholic Archbishop of ManilaSupreme Court of the United States · 1929
- Lovejoy v. CommissionerUnited States Board of Tax Appeals · 1930
- Ralston Steel Car Co. v. RalstonOhio Supreme Court · 1925
11 more not listed; retrieve them via the Exa API.