Mitchell v. Commissioner
United States Tax Court
1. In 1959 the petitioners, in a transaction governed by section 1031 of the Internal Revenue Code of 1954, exchanged certain property for property of like kind, the other parties to the exchange assuming an existing mortgage on the petitioners' property and executing in favor of the petitioners a note secured by a deed of trust.
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1. In 1959 the petitioners, in a transaction governed by section 1031 of the Internal Revenue Code of 1954, exchanged certain property for property of like kind, the other parties to the exchange assuming an existing mortgage on the petitioners' property and executing in favor of the petitioners a note secured by a deed of trust. Held, that the payments received by the petitioners in the year of the transaction, consisting of the net value of the property received in the exchange and cash payments made on the note, exceeded 30 percent of the "selling price," consisting of the net value of the…
1Opinion of the Court
AtkiNS, Judge:
The respondent determined deficiencies in income tax for the taxable years 1959 and 1960 in the respective amounts of $14,708.03 and $1,357.32.
The parties having, made certain concessions, the issues remaining are:(1) Whether the petitioners may report the gain on an exchange of property, recognized under section 1031 (b) ,1 on the installment method pursuant to the provisions of section 453, or, whether such gain is taxable in the year of the exchange;(2) Whether, as part of such exchange the petitioners received, besides a motel and its furnishings, an interest in a 99-year…
2Cases cited23 opinions
- Commissioner v. FlowersSupreme Court of the United States · 1946
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Massey Motors, Inc. v. United StatesSupreme Court of the United States · 1960
- Eckert v. BurnetSupreme Court of the United States · 1931
- Eli D. Goodstein v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Eli D. GoodsteinCourt of Appeals for the First Circuit · 1959
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3Cited by48 opinions
- Commissioner v. Idaho Power Co.Supreme Court of the United States · 1974
- Sharon v. CommissionerUnited States Tax Court · 1976
- Rodney v. Comm'rUnited States Tax Court · 1969
- Wildman v. CommissionerUnited States Tax Court · 1982
- Burck v. CommissionerUnited States Tax Court · 1975
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