The May Department Stores Company v. Commissioner of Internal Revenue

Eighth Circuit

The May Department Stores Company v. Commissioner of Internal Revenue

519 F.2d 1154

CourtCourt of Appeals for the Eighth Circuit

DecidedJuly 30, 1975

Docket74-1996

StatusPublished

Cited by3 cases

This text of 519 F.2d 1154 (The May Department Stores Company v. Commissioner of Internal Revenue) is published on Counsel Stack Legal Research, covering Court of Appeals for the Eighth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

The May Department Stores Company v. Commissioner of Internal Revenue, 519 F.2d 1154 (8th Cir. 1975).

Pincite

Opinion

*1155 PER CURIAM.

This is a timely appeal by the Commissioner from the decision of the Tax Court holding that the value of the land conveyed to the taxpayer, The May Department Stores Company, by developer of a shopping center in return for taxpayer’s agreement to locate and maintain a retail store on the site conveyed is excludable from taxpayer’s gross income as a contribution to capital under § 118(a) of the Internal Revenue Code of 1954 (26 U.S.C. § 118(a)).

The Tax Court’s opinion upon which its decision is based is reported at 33 T.C.M. 1128 (1974). The Tax Court’s opinion sets out the facts, which are stipulated for the most part, and applicable law. The Tax Court determined that the benefits sought by the grantors were indirect and intangible and that the value of the land conveyed to taxpayer was a capital contribution within the meaning of § 118(a), and as such properly excluded from taxpayer’s gross income. The Tax Court’s findings are supported by substantial evidence and not induced by any erroneous view of the law.

We affirm on the basis of the Tax Court’s opinion.

Free access — add to your briefcase to read the full text and ask questions with AI

*1155 PER CURIAM.

This is a timely appeal by the Commissioner from the decision of the Tax Court holding that the value of the land conveyed to the taxpayer, The May Department Stores Company, by developer of a shopping center in return for taxpayer’s agreement to locate and maintain a retail store on the site conveyed is excludable from taxpayer’s gross income as a contribution to capital under § 118(a) of the Internal Revenue Code of 1954 (26 U.S.C. § 118(a)).

The Tax Court’s opinion upon which its decision is based is reported at 33 T.C.M. 1128 (1974). The Tax Court’s opinion sets out the facts, which are stipulated for the most part, and applicable law. The Tax Court determined that the benefits sought by the grantors were indirect and intangible and that the value of the land conveyed to taxpayer was a capital contribution within the meaning of § 118(a), and as such properly excluded from taxpayer’s gross income. The Tax Court’s findings are supported by substantial evidence and not induced by any erroneous view of the law.

We affirm on the basis of the Tax Court’s opinion.

Cite This Page — Counsel Stack

Bluebook (online)

519 F.2d 1154, Counsel Stack Legal Research, https://law.counselstack.com/opinion/the-may-department-stores-company-v-commissioner-of-internal-revenue-ca8-1975.

Opinion

Related

Cite This Page — Counsel Stack