Kaufman's, Inc. v. Commissioner
United States Tax Court
On December 20, 1935, Hattie Kaufman transferred the title to certain property to her son, Stanley, in part as a gift, and in part in exchange for an annuity agreement by which Stanley obligated himself to pay Hattie $ 400 per month for the remainder of Hattie's life. The property included the land and building in which Stanley operated a retail department store.
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On December 20, 1935, Hattie Kaufman transferred the title to certain property to her son, Stanley, in part as a gift, and in part in exchange for an annuity agreement by which Stanley obligated himself to pay Hattie $ 400 per month for the remainder of Hattie's life. The property included the land and building in which Stanley operated a retail department store. Stanley made the payments required by the annuity contract from January 1, 1936, to June 30, 1946. He deducted part of the payments so made as interest in the respective years paid. He also deducted depreciation, using as a basis the…
1Opinion of the Court
Fisher, Judge:
Respondent determined a deficiency in petitioner’s income tax for the fiscal year ended January 31, 1950, in the amount of $2,710.59. The issues are (a) whether certain annuity payments made by petitioner are deductible as interest or loss, or whether they are capital expenditures paid for the acquisition of property; and (b) the determination of various factors involved in calculating depreciation for tbe fiscal year in question on the building in which petitioner conducted its business.
FINDINGS OF FACT.
Most of tbe facts have been stipulated either orally or in writing. The…
2Cases cited19 opinions
- Autenreith v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1940
- Joyce v. CommissionerUnited States Tax Court · 1955
- Reliable Incubator & Brooder Co. v. CommissionerUnited States Tax Court · 1946
- Haley v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1953
- Klein v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1936
14 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Vaira v. CommissionerUnited States Tax Court · 1969
- John C. W. Dix and Caroline W. Dix v. Commissioner of Internal Revenue, George E. Dix v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1968
- Dix v. CommissionerUnited States Tax Court · 1966
- Garvey, Inc. v. United StatesUnited States Court of Claims · 1983
- Bell v. CommissionerUnited States Tax Court · 1981
9 more not listed; retrieve them via the Exa API.