F.& R. Lazarus & Co. v. Commissioner
United States Board of Tax Appeals
1. The petitioner, in order to obtain funds on the security of its equities in improved real property occupied by it for the conduct of its business, conveyed the fee simple title thereto to a trustee. It also assigned to the trustee in the same transaction its rights under 99-year leases, with option to purchase, covering property on which it had made improvements.
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1. The petitioner, in order to obtain funds on the security of its equities in improved real property occupied by it for the conduct of its business, conveyed the fee simple title thereto to a trustee. It also assigned to the trustee in the same transaction its rights under 99-year leases, with option to purchase, covering property on which it had made improvements. Concurrently therewith the trustee leased the property conveyed to the petitioner for a term of 99 years, with right of renewal for like terms and an option to purchase at prices equal to the call prices of land trust certificates…
1Opinion of the Court
OPINION.
Seawell:
These proceedings were consolidated for hearing and report and involve the redetermination of deficiencies in income tax in the amounts of $3,084 and $10,349.43 for the fiscal years ending January 81, 1930 and 1931, respectively. The two issues involved relate to the right of the petitioner to take depreciation on certain buildings it occupied during the taxable years under a 99-year lease, and to deduct as ordinary and necessary business expenses contributions to certain charitable institutions.
The petitioner, an Ohio corporation organized in 1851, operates the largest…
2Cases cited5 opinions
- Weiss v. WeinerSupreme Court of the United States · 1929
- Peugh v. DavisSupreme Court of the United States · 1878
- Old Mission Portland Cement Co. v. HelveringSupreme Court of the United States · 1934
- Duffy v. Central R. Co. of NJSupreme Court of the United States · 1925
- Dorsey v. PackwoodSupreme Court of the United States · 1852
3Cited by10 opinions
- Schmitz v. CommissionerUnited States Tax Court · 1968
- Miller v. CommissionerUnited States Tax Court · 1977
- City Nat. Bank Bldg. Co. v. HelveringCourt of Appeals for the D.C. Circuit · 1938
- Lake Forest, Inc. v. CommissionerUnited States Tax Court · 1963
- McGinty v. CommissionerUnited States Tax Court · 1944
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