Ashlock v. Commissioner
United States Tax Court
1. By contract of sale on April 18, 1945, petitioner purchased real property for $ 40,000 and the seller retained possession and rents until August 15, 1947. Held, since the seller retained legal ownership as well as control, benefits, and unfettered command of the rents, petitioner is not taxed on the rental income which was paid to the sellers by the tenant in 1945 and up to February 7, 1946. 2. On February 7, 1946, the parties executed a "Receipt and Release" agreement…
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1. By contract of sale on April 18, 1945, petitioner purchased real property for $ 40,000 and the seller retained possession and rents until August 15, 1947. Held, since the seller retained legal ownership as well as control, benefits, and unfettered command of the rents, petitioner is not taxed on the rental income which was paid to the sellers by the tenant in 1945 and up to February 7, 1946. 2. On February 7, 1946, the parties executed a "Receipt and Release" agreement upon the execution of which petitioner paid the sellers $ 23,527.64. It was stated in this agreement, among other things,…
1Opinion of the Court
McCulley Ashlock, Petitioner, v. Commissioner of Internal Revenue, Respondent
Ashlock v. Commissioner
Docket No. 29859
United States Tax Court
18 T.C. 405; 1952 U.S. Tax Ct. LEXIS 181;
May 28, 1952, Promulgated
Decision will be entered under Rule 50.
1. By contract of sale on April 18, 1945, petitioner purchased real property for $ 40,000 and the seller retained possession and rents until August 15, 1947. Held, since the seller retained legal ownership as well as control, benefits, and unfettered command of the rents, petitioner is not taxed on the rental income which was paid to the sellers by the…
2Cases cited1 opinion
- Ashlock v. CommissionerUnited States Tax Court · 1952