Property Law and Real Estate Commons^™

Joint Tenancy: The Estate Lawyer's Continuing Burden, John E. Riecker

Michigan Law Review

The discussion which follows will be divided into three major parts. First, it will be important to see why so much real and personal property remains in joint tenancy between husband and wife or in entireties tenancy. It has been almost eighteen years since Congress eliminated the necessity of holding property in this form in order to split income therefrom for income tax purposes. Is inertia the only reason for the popularity of joint ownership, or are there other reasons? Second, we shall review the familiar but false assumptions most laymen (and even a few attorneys) commonly make regarding the …

"Primarily For Sale" In I.R.C Sections 1221 And 1231 Held To Mean "Principally For Sale" Rather Than "Substantially For Sale" --Malat V. Riddell (U.S. 1966), Michigan Law Review

Michigan Law Review

Sections 1221 and 1231 of the Internal Revenue Code disqualify from capital gains treatment profits derived from the sale or exchange of property "held by the taxpayer primarily for sale to customers in the ordinary course of his trade or business." In deciding whether these sections deny capital gains treatment to profits realized by real estate dealers from the sale or exchange of land, the circuit courts, while examining similar facts in relation to the same criteria, have reached divergent conclusions. Two recent decisions, Municipal Bond Corp. v. Commissioner and Malat v. Riddell, illustrate these discordant results. In Municipal …

Income Tax-Deductions-Lessor's Amortization Of The Amount By Which The Purchase Price Of Improved Realty Exceeds The Appraised Value Of Land-Bender V.United States, Michigan Law Review

Michigan Law Review

Taxpayer, upon being informed that his tenant would not renew his lease unless he could be assured of additional parking facilities, purchased three lots adjacent to the leasehold and immediately demolished the houses thereon in order to provide the necessary space. Since the owners of these residential properties knew of taxpayer's special need, taxpayer was forced to pay substantially more than the total appraised value of the land. In computing his income tax, taxpayer sought to amortize over the life of the lease the cost of razing the buildings and the amount of the purchase price in excess of the …

Panel Discussion: Certain Problem Areas Under The Internal Revenue Code, Carrington Williams, Howard A. Rumpf, William H. Westphal, Lawrence Phillip Roesen

William & Mary Annual Tax Conference

No abstract provided.

Condominium: A Reconciliation Of Competing Interests?, James C. Clark

Vanderbilt Law Review

This note will first examine some of the operative provisions of the condominium statutes. Particular emphasis will be placed upon those provisions which are basic to the creation, existence, and dissolution of this unique form of property ownership. The FHA Model Statute For Creation of Apartment Ownership will be the principal vehicle of analysis, for it is the basis of many of the state condominium statutes. State provisions which differ from the Model Act will then be examined to discover the best statutory answer to the needs of condominium housing. Finally, attention will be focused on the tax implications of …

Decedents' Estates, Trusts And Future Interest -- 1964 Tennessee Survey, Herman L. Trautman

Vanderbilt Law Review

Validity of Instrument Which Only Appoints Fiduciary--Is an instrument which makes no testamentary gift, but only designates or appoints the personal representative to administer the estate and provides certain special powers of fiduciary administration entitled to probate as a valid will? While it has been said that there need be no dispositive gift of property to entitle a testamentary writing to probate as a will,' there seems to have been no definite court decision in Tennessee so holding until the recent case of Delaney v. First Peoples Bank of Johnson City. In that case a writing properly executed with the …

Case Comments -- Federal Estate Tax -- Losses Arising From Sale Of Property To A Corporation By An Estate Not Disallowed By Section 267, Law Review Staff

Vanderbilt Law Review

Decedent died testate in 1955, leaving 2,500 shares of stock of the Leader Building Company in her gross estate. Her three sisters were the legatees in equal shares of the estate, and they were also beneficiaries of separate trusts which owned the remaining 7,500 shares of the company.' In order to raise enough funds to pay the Federal Estate Tax, the estate, petitioner herein, had to sell some of the stock. Accordingly, the corporation redeemed about half of the shares held by the estate, which thereby sustained a net capital loss. Petitioner sought a deduction of this loss, in order …

Changes In West Virginia Real Property Tax Law, Londo H. Brown

West Virginia Law Review

No abstract provided.

Abstracts Of Recent Cases, Boyd Lee Warner Ii

West Virginia Law Review

No abstract provided.

Capital Gains Taxation On The "Transfer" Of Appreciated Property From Husband To Wife Pursuant To A Divorce Settlement

Indiana Law Journal

No abstract provided.

Abstracts Of Recent Cases, Robert William Burk Jr.

West Virginia Law Review

No abstract provided.

Income Tax--Nonrecognition Of Gain Realized Upon Involuntary Conversion Of Investment Property, Robert Edward Haden

West Virginia Law Review

No abstract provided.

Taxation-Federal Estate Tax-Inference Of Retained Life Interest Under Section 2036(A), Donald E. Vacin

Michigan Law Review

In 1936 decedent established an irrevocable trust naming herself and relatives as beneficiaries. The corporate trustees were directed to pay the trust income, in the exercise of their absolute discretion, either to the settlor or to the other beneficiaries. In filing her 1936 federal gift tax return settlor attempted unsuccessfully to exclude the value of a life estate in the trust income, allegedly retained by her. At her death, the value of the trust corpus was not included in her estate tax return. The Commissioner assessed a deficiency contending that decedent-settlor had retained for her life the "possession or enjoyment" …

Recent Cases, Law Review Staff

Vanderbilt Law Review

Constitutional Law--Freedom of Speech--Prior Restraint on Motion Picture Exhibition

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Criminal Law--Murder--Year and a Day Rule Rejected in Pennsylvania

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Real Property--Restraints on Alienation--Conveyance Giving Housing Cooperative First Option to Buy and Right to Redeem is not an Invalid Restraint on Alienation

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Taxation--Income Tax--Uncompensated Casualty Loss Due to Drought Allowed as Section 165 Deduction

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Torts--Negligence--Fireman in Performance of Duties Allowed Recovery as Invitee

P. G. Lake-Its Effect On A Conveyance By The Lessor Of A Lease Bonus With A Retained Royalty

Indiana Law Journal

No abstract provided.

Taxation - Federal Income Tax - Severance Damages To Real Property Are A Component Of Charitable Deduction, Michael M. Hughes

Michigan Law Review

The United States selected part of petitioners' estate for construction of a Nike missile base and began condemnation proceedings and negotiations for sale of the premises in lieu of condemnation. Upon failure of the parties to agree on a sale price, petitioners made a gift of the site and certain easements in adjoining land to the United States for so long as the site was used as a missile base. In their 1955 return petitioners claimed a charitable deduction of $69,782 as the fair market value, including severance damages to the remaining portion of their estate, of the property conveyed. …

The Income Tax Aspects Of Real Estate Developments By Multiple Corporations, Audy Michael Perry

West Virginia Law Review

No abstract provided.

Income Tax--Payment By Sublessee For Cancelation Of Lessee's Interest, Robert Glenn Lilly Jr.

West Virginia Law Review

No abstract provided.

Recognition Of Gain On The Sale Of Realty-The Closed Transaction Test

Indiana Law Journal

No abstract provided.

Abstracts Of Recent Cases, Aaron David Trub

West Virginia Law Review

No abstract provided.

Equality And Uniformity In Property Taxes, L. B. S.

West Virginia Law Review

No abstract provided.

Real Property--Rights Of The Remainderman After Sale For Nonpayment Of Life Tenant's Taxes, J. F. W. Jr.

West Virginia Law Review

No abstract provided.

Taxation - Federal Income Tax - Lessor's Right To Depreciation Allowances Under Long Term-Lease, E. Roger Frisch S.Ed.

Michigan Law Review

Plaintiff corporation leased its entire railroad property under a long-term lease subject to termination at the election of either party, or by breach of die lessee. The lessee agreed to preserve, replace, renew and maintain the property during the term and to return it upon termination "in at least as good condition as at the beginning of the term." Plaintiff, on the other hand, agreed to reimburse the lessee for all additions and betterments to the property which passed to him upon termination. The government disallowed plaintiff's claim for a tax refund based on its right to allow for depreciation, …

Tax Consequences Of Joint Ownership Of Property, Charles B. Stacy

West Virginia Law Review

The almost overwhelming trend in recent years toward the use of various forms of joint ownership of property, particularly by husband and wife, is indicative of a widespread failure to realize all the implications of such title-holding devices. A companion article has outlined the general legal attributes of the common forms of joint ownership. However, because the growth in the use of joint tenancy and its kindred has coincided with an increase in the impact of income and death taxes, it has become important also to understand the results of employing these devices in the context of taxation. It is …

Inheritance Taxation - Selected Provisions Of Michigan, Illinois And Ohio - A Study In Application And Justification, Edward B. Stulberg S.Ed.

Michigan Law Review

This comment will explore the existing variations in four commonly encountered areas: joint interests with rights of survivorship, contingent remainder interests, powers of appointment, and life insurance proceeds. Emphasis will also be placed on treatment accorded the surviving spouse and children and the implicit relationship between such treatment and some of the above areas. The essence of this examination will be to inquire whether adoption of an estate tax would be a more suitable vehicle for implementing a local death tax program.

Taxation--Exchange Of Principal Residence; Exchange Of Property Held For Productive Use, M. D. W. Jr.

West Virginia Law Review

No abstract provided.

Taxation - Federal Income Tax - Involuntary Conversion Treatment Afforded Sale Of Remaining Property After Partial Condemnation, Stevan Uzelac

Michigan Law Review

Petitioner owned two parcels of real estate across the street from each other which were used as one "economic unit" for purposes of a trucking terminal. One parcel was improved with a terminal building from which trucks would pick up and deliver their shipments, while the other was used as a parking lot for trucks not in use. Petitioner was forced to sell the parking lot under threat of condemnation. Since it was economically unfeasible to operate his business without a nearby parking lot, petitioner subsequently sold the terminal facilities and reinvested the proceeds from the sales of both properties …

Constitutional Law--State Taxation Of Federal Property In Possession Of Private Contractor, J. L. R.

West Virginia Law Review

No abstract provided.

Tax Considerations In Real Estate Syndication, Sidney H. Asch

Villanova Law Review (1956 - )

No abstract provided.

Constitutional Law - Due Process - Notice Required To Validate Tax Foreclosure Of Property Of Known Mental Incompetent, Frank M. Lacey S.Ed.

Michigan Law Review

On May 8, 1952, the town of Somers instituted an action to foreclose a number of tax liens. One of these was upon the property owned by a person known in the community to be a mental incompetent, but who had not yet been so certified by a court. Notice was given to the incompetent taxpayer in compliance with the statute by mail, posting, and publication. When she failed to answer within the prescribed period, foreclosure was entered and a deed to her property delivered to the town. Five days later she was declared a person of unsound mind, and …