Cassatt v. Commissioner

Decided July 28, 1942

United States Board of Tax Appeals · decided 1942-07-28

1. A partnership which was engaged in the brokerage business paid a large sum for cancellation of leases upon which it was lessee. Held: that the aggregate of the cost of canceling the leases and the unamortized improvements to the leaseholds is deductible in the year the leases were canceled. Denholm & McKay Co.,2 B.T.A. 444, followed. 2.

Relies on Boudreau v. Commissioner

Good law ✅— No negative treatment on recordhow we know

Decided 1942-07-28

How this case has been cited

Cited by 16 later decisions — most recently June 2012

1 federal appellate · 1 district ·

Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.

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Black,

¶1concurring: I concur in the result reached, but I do not agree with that part of the majority opinion which holds that the case of Robert J. Boudreau, 45 B. T. A. 390, is distinguishable on its facts.

¶2I dissented in the Boudreau case. The essence of my dissent was that contracts which provide for future payments contingent upon indeterminable events which may never occur should not be treated as income when entered into, even though they do have a definite ascertainable fair market value. I am still of the same opinion as expressed in that dissent and, therefore, concur in the result reached by the majority opinion herein.