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eBook details

• Title: Bullard v. United States
• Author : Second Circuit Circuit Court Of Appeals
• Release Date : January 22, 1944
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 52 KB

Description

This is an action to recover income taxes, erroneously collected for the year 1940; the question is whether the plaintiffs, as executors, were denied a proper deduction. The stipulated facts were in substance as follows. The plaintiffs testator, Percy Bullard, in 1929 bought 1250 shares of stock in a corporation, which owned and managed an apartment house in New York; and at the same time he signed a lease with the corporation for an apartment in the premises. The building was divided into two parts or sections, with separate entrances: one section was reserved for those lessees who were also shareholders; the other, for lessees who had no other proprietary interest in the premises. The venture proved unsuccessful, and on February 27, 1940, the directors passed a resolution ending all the leases as of September 30th of that year. Some of the shareholders - Bullard among them - took new leases, and the apartments in both sections were thrown open equally to desirable tenants without regard to whether they were shareholders.The premises were subject to a first mortgage of $3,000,000, and to a second mortgage of $200,000; interest upon which had been paid in full, as well as all taxes; the total liabilities were about $3,300,000. The annual expenses were some $318,000; and the estimated gross income from rents for the year commencing October 1, 1940, was $274,000; leaving a deficit in the neighborhood of $44,000. In 1939-40, the premises were assessed for $3,600,000, and in the next year, for $3,500,000; and on September 30, 1940, the corporation had a net cash worth according to its books of somewhat less than $60,000. One of the shareholders, who owned 3250 shares, sold them at public auction on November 20, 1940, for $105.

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