Bostedt v. Commissioner
United States Tax Court
Petitioners sold their motel business. As part of the transaction, the purchaser paid petitioners' sales commission liability.
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Petitioners sold their motel business. As part of the transaction, the purchaser paid petitioners' sales commission liability. Held, the assumption by the purchaser of the seller's sales commission liability is treated as a payment in the year of sale for purposes of the 30-percent limitation of sec. 453(b)(2)(A). Wagegro Corp. v. Commissioner, 38 B.T.A. 1225 (1938), followed; Irwin v. Commissioner, 390 F.2d 91 (5th Cir. 1968), revg. 45 T.C. 544 (1966); United States v. Marshall, 357 F.2d 294 (9th Cir. 1966); Horneff v. Commissioner, 50 T.C. 63 (1968), vacated and remanded by unpublished…
1Opinion of the Court
Earl C. Bostedt and Joy E. Bostedt, Petitioners v. Commissioner of Internal Revenue, Respondent
Bostedt v. Commissioner
Docket No. 5395-75
United States Tax Court
70 T.C. 487; 1978 U.S. Tax Ct. LEXIS 96;
June 27, 1978, Filed
Decision will be entered under Rule 155.
Petitioners sold their motel business. As part of the transaction, the purchaser paid petitioners' sales commission liability. Held, the assumption by the purchaser of the seller's sales commission liability is treated as a payment in the year of sale for purposes of the 30-percent limitation of sec. 453(b)(2)(A). Wagegro Corp. v.…
2Cases cited16 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Wagegro Corp. v. CommissionerUnited States Board of Tax Appeals · 1938
- Hammond v. CommissionerUnited States Tax Court · 1942
- Robert B. Riss and Georgina Riss v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1966
- Cisler v. CommissionerUnited States Tax Court · 1962
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