Pennsylvania Co. for Ins. etc. v. Commissioner
United States Board of Tax Appeals
TAXABLE TRANSACTION - GROUND RENT. - Where the petitioner sold real estate in Pennsylvania for part cash and for the balance reserved a ground rent which the purchaser agreed to pay and extinguish on or before a fixed date, and which ground rent had a fair market value of the unpaid portion thereof, held that this constituted a taxable transaction in the year the indenture was made.
1Opinion of the Court
PENNSYLVANIA COMPANY FOR INSURANCES ON LIVES AND GRANTING ANNUITIES, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Pennsylvania Co. for Ins. etc. v. Commissioner
Docket No. 32055.
United States Board of Tax Appeals
19 B.T.A. 699; 1930 BTA LEXIS 2350;
April 24, 1930, Promulgated
TAXABLE TRANSACTION - GROUND RENT. - Where the petitioner sold real estate in Pennsylvania for part cash and for the balance reserved a ground rent which the purchaser agreed to pay and extinguish on or before a fixed date, and which ground rent had a fair market value of the unpaid portion thereof, held that…
2Cases cited1 opinion
- Pennsylvania Co. for Ins. etc. v. CommissionerUnited States Board of Tax Appeals · 1930