Century Electric Co. v. Commissioner
United States Court of Appeals for the Eighth Circuit
192 F.2d 155 (1951)
- Written by Whitney Kamerzel , JD
Facts
Century Electric Company (Century) (plaintiff) made and sold electric generators. Century transferred a building and land to William Jewell College for $150,000 even though the property was worth $531,710.97. The property was essential to Century’s business, and the sale included a provision that the property would be leased back to Century for a period of between 25 and 95 years. Century completed this transfer for the tax benefits that would result from the $150,000 in cash and the $381,710.97 deductible loss it claimed. The Commissioner of the Internal Revenue (defendant) denied the deductible loss, and the United States Tax Court affirmed. Century appealed.
Rule of Law
Issue
Holding and Reasoning (Riddick, J.)
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