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Income Tax Keyed to Bankman
Helvering v. Bruun
Citation:
309 U.S. 461 (1940)Facts
In 1915, Respondent leased his land and the building on it to a lessee who in 1929 demolished the building and constructed a new one in its place. The lease contained a clause specifically stated that Respondent would regain possession of the land and acquire any property built on it at termination of the lease. In 1933, the lessee terminated the lease and Respondent regained possession but did not report any gain from the added value from the new building. The Commissioner of Internal Revenue asserted a deficiency, finding that Respondent had realized a taxable gain equivalent to the difference between the fair market value of the new building in 1933 and Respondent’s cost basis in the old building.
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