Crane v. Commissioner
United States Tax Court
Under the will of her husband petitioner acquired improved real property consisting of an apartment house and the land upon which it was located, which at the date of his death was subject to a mortgage in an amount equal to the fair market value of the property at that date. Petitioner never assumed the mortgage debt. She sold the property and received $ 2,500 in cash from the vendee, who took title subject to the mortgage.
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Under the will of her husband petitioner acquired improved real property consisting of an apartment house and the land upon which it was located, which at the date of his death was subject to a mortgage in an amount equal to the fair market value of the property at that date. Petitioner never assumed the mortgage debt. She sold the property and received $ 2,500 in cash from the vendee, who took title subject to the mortgage. Held: (1) The amount of the mortgage is not part of the "amount realized" by the petitioner from the sale and the only amount realized by her was $ 2,500. (2) The basis…
1Opinion of the Court
Beulah B. Crane, Petitioner, v. Commissioner of Internal Revenue, Respondent
Crane v. Commissioner
Docket No. 110361
United States Tax Court
3 T.C. 585; 1944 U.S. Tax Ct. LEXIS 150;
April 7, 1944, Promulgated
Decision will be entered under Rule 50.
Under the will of her husband petitioner acquired improved real property consisting of an apartment house and the land upon which it was located, which at the date of his death was subject to a mortgage in an amount equal to the fair market value of the property at that date. Petitioner never assumed the mortgage debt. She sold the property and received $…
2Cases cited1 opinion
- Crane v. CommissionerUnited States Tax Court · 1944