Jordan Marsh Co. v. Commissioner
United States Court of Appeals for the Second Circuit
269 F.2d 453 (1959)
- Written by Whitney Kamerzel , JD
Facts
Jordan Marsh Co. (plaintiff) operated a department store on property it owned. Jordan Marsh transferred ownership of the land to a buyer for $2,300,000, the fair market value of the property. At the same time, Jordan Marsh retained the right to lease the property for 30 years and the right to renew the lease for another 30 years if it constructed a new building on the land. However, Jordan Marsh was required to pay rent equivalent to the property’s rental value. Jordan Marsh applied for tax benefits stemming from the sale of the property. The Commissioner of Internal Revenue (defendant) denied the tax benefits and imposed a $2,101,823.39 tax-deficiency assessment, claiming that due to the leaseback the transfer was a like-kind exchange, not a sale. The United States Tax Court affirmed, and Jordan Marsh appealed.
Rule of Law
Issue
Holding and Reasoning (Hincks, J.)
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