Hort v. CommissionerAnnotate this Case
313 U.S. 28 (1941)
U.S. Supreme Court
Hort v. Commissioner, 313 U.S. 28 (1941)
Hort v. Commissioner
Argued March 7, 1941
Decided March 31, 1941
313 U.S. 28
1. An amount received by a lessor in consideration of the cancellation of a lease of real estate is income taxable to him under § 22(a) of the Revenue Act of 1932, and must be reported as gross income in its entirety. P. 313 U. S. 30.
2. Although the amount so received be less than the difference between the present value of the unmatured rental payments and the fair rental value of the property for the unexpired period of the lease, there is no loss deductible under § 23(e) of the Act. P. 313 U. S. 32.
3. Even though the lease be regarded as "property," the consideration received for its cancellation is not, for the purposes of the Revenue Act of 1932, a return of capital. P. 313 U. S. 31.
112 F.2d 167 affirmed.
Certiorari, 311 U.S. 641, to review the affirmance of a decision of the Board of Tax Appeals, 39 B.T.A. 922, sustaining the determination of a deficiency in income tax.
Official Supreme Court caselaw is only found in the print version of the United States Reports. Justia caselaw is provided for general informational purposes only, and may not reflect current legal developments, verdicts or settlements. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or information linked to from this site. Please check official sources.