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CHAMBER OF COMMERCE OF KANSAS CITY v. COMMISSIONER

Docket No. 71897.

35 T.C. 562 (1961)

CHAMBER OF COMMERCE OF KANSAS CITY, KANSAS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 13, 1961.

Attorney(s) appearing for the Case

Charles W. Lowder, Esq., for the petitioner.

William J. McNamara, Esq., for the respondent.

FORRESTER, Judge.

Respondent has determined a deficiency of $956.72 in the income tax of petitioner for the fiscal year ending February 28, 1954, by taxing certain rent as "unrelated business net income." The parties are agreed that the sole issue for our determination is whether a so-called Escape and Penalty Clause Agreement executed 3 days after the lease constituted an option for renewal or extension within the...

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