Millinery Center Building Corp. v. Commissioner

Supreme Court

Millinery Center Building Corp. v. Commissioner

350 U.S. 820, 76 S. Ct. 79, 100 L. Ed. 733, 1955 U.S. LEXIS 403

CourtSupreme Court of the United States

DecidedOctober 10, 1955

DocketNo. 255

StatusPublished

This text of 350 U.S. 820 (Millinery Center Building Corp. v. Commissioner) is published on Counsel Stack Legal Research, covering Supreme Court of the United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Millinery Center Building Corp. v. Commissioner, 350 U.S. 820, 76 S. Ct. 79, 100 L. Ed. 733, 1955 U.S. LEXIS 403 (1955).

Pincite

Opinion

Petition for writ of certiorari to the United States Court of Appeals for the Second Circuit granted limited to questions 1 and 2 presented by the petition for the writ which read as follows:

“1. Where a lessee, the owner of a valuable building on leased land, acquires the fee to the land to be relieved of what it considers to be the burdensome terms of a lease, may the lessee* deduct the excess of the payment over the determined value of the land at the date of purchase as an ordinary expense of doing business under § 23 (a) of the United States Internal Revenue Code of 1939 or under § 23 (f) as a loss on a transaction entered into for profit and not compensated for by insurance or otherwise.

“2. In the alternative, may the lessee-petitioner consider the excess payment over the determined value of the land to be in the nature of a prepayment of rent for the remaining term of the extinguished lease and amortize such amount over 21 years?”

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Petition for writ of certiorari to the United States Court of Appeals for the Second Circuit granted limited to questions 1 and 2 presented by the petition for the writ which read as follows:

“1. Where a lessee, the owner of a valuable building on leased land, acquires the fee to the land to be relieved of what it considers to be the burdensome terms of a lease, may the lessee* deduct the excess of the payment over the determined value of the land at the date of purchase as an ordinary expense of doing business under § 23 (a) of the United States Internal Revenue Code of 1939 or under § 23 (f) as a loss on a transaction entered into for profit and not compensated for by insurance or otherwise.

“2. In the alternative, may the lessee-petitioner consider the excess payment over the determined value of the land to be in the nature of a prepayment of rent for the remaining term of the extinguished lease and amortize such amount over 21 years?”

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Bluebook (online)

350 U.S. 820, 76 S. Ct. 79, 100 L. Ed. 733, 1955 U.S. LEXIS 403, Counsel Stack Legal Research, https://law.counselstack.com/opinion/millinery-center-building-corp-v-commissioner-scotus-1955.