HELVERING V. BRUUN
309 U.S. 461 (1940)
NATURE OF THE CASE: This was a dispute over a gain from the forfeiture of a leasehold.
FACTS: Bruun (P) leased a lot of land and the building thereon for 99 years on July 1,
1915. The lease provided that the lessee could tear down any building on the land. In 1929,
the tenant demolished the building and constructed a new one with a useful life of 50 years.
On July 1, 1933, the lease was cancelled for default in payment and P regained possession.
It was stipulated that the building had a fair market value of $64,245.68 and the value of
the removed building was $12,811.43 for a net gain of $51,434.25. The Commissioner (D)
determined that P realized that sum as a gain. The Tax Board overruled that determination
and the Circuit Court affirmed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
Get
free access to the entire content for Mac, PC or Online
for 2-3 days and free samples
of all kinds of products.
for 2-3 days and free samples of all kinds of products.
https://bsmsphd.com
© 2007-2016 Abn Study Partner
No comments:
Post a Comment