Lake Forest, Inc. v. Commissioner
United States Tax Court
Petitioner, a nonprofit, nonstock corporation, was organized in February 1947 by World War II veterans and others to acquire Lake Forest, a low-rent public housing project in Wilmington, North Carolina, in order to provide low-cost housing to veterans and to other eligible tenants. Each tenant was generally a member of the corporation and through monthly principal payments acquired an equity in a particular unit in the project.
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Petitioner, a nonprofit, nonstock corporation, was organized in February 1947 by World War II veterans and others to acquire Lake Forest, a low-rent public housing project in Wilmington, North Carolina, in order to provide low-cost housing to veterans and to other eligible tenants. Each tenant was generally a member of the corporation and through monthly principal payments acquired an equity in a particular unit in the project. No dividends or other ordinary distribution could be made to any member or to any other individual. The United States Government provided the original capital by way…
1Opinion of the Court
Lake Forest, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Lake Forest, Inc. v. Commissioner
Docket Nos. 77061, 81891
United States Tax Court
36 T.C. 510; 1961 U.S. Tax Ct. LEXIS 128;
June 19, 1961, Filed
Decisions will be entered for the petitioner.
Petitioner, a nonprofit, nonstock corporation, was organized in February 1947 by World War II veterans and others to acquire Lake Forest, a low-rent public housing project in Wilmington, North Carolina, in order to provide low-cost housing to veterans and to other eligible tenants. Each tenant was generally a member of the…
Also in this document: Dissent · Murdock; Dissent · Atkins.
2Cases cited12 opinions
- Debs Memorial Radio Fund v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1945
- United States v. Pickwick Electric Membership Corp.Court of Appeals for the Sixth Circuit · 1946
- Consumer-Farmer Milk Cooperative, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1950
- Garden Homes Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1933
- Industrial Addition Asso. v. CommissionerUnited States Tax Court · 1942
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