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Helvering v. Bruun | 309 U.S. 461 (1940)
What constitutes gain for federal tax purposes? The United States Supreme Court considered that question in Helvering versus Bruun.
Charles Bruun owned land in Kansas City that, in nineteen fifteen, he leased to a tenant for ninety-nine years. The lease agreement provided that the tenant could make improvements to the land, but those improvements would remain when the land was surrendered back to Bruun at the end of the lease or if the lease was canceled.
The tenant demolished an existing building and built a new one, but then in nineteen thirty-three, defaulted for failure to pay rent. Bruun regained possession of the land and the new building. The new building had a fair market value of sixty-four thousand dollars and change, and the cost of demolishing the old building was just under thirteen thousand dollars. That left a net fair market value of just over fifty-one thousand dollars. Commissioner of Internal Revenue Guy Helvering determined that Bruun realized a net gain of fifty-one thousand dollars. But the Board of Tax Appeals overruled his determination, and the Eighth Circuit affirmed the Board’s decision. The Supreme Court granted cert.
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