Eisenberg v. Commissioner
United States Tax Court
Held, petitioners' gain on the sale of a cruise ship in an in rem foreclosure proceeding in a Canadian court is taxable income in 1978, when the priorities of creditors were determined and the proceeds were distributed from the registry of the court for application on petitioners' liability, and not in 1977, when the foreclosure sale occurred.
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Held, petitioners' gain on the sale of a cruise ship in an in rem foreclosure proceeding in a Canadian court is taxable income in 1978, when the priorities of creditors were determined and the proceeds were distributed from the registry of the court for application on petitioners' liability, and not in 1977, when the foreclosure sale occurred. Held, further, petitioners are not entitled to a bad debt deduction under sec. 166, I.R.C. 1954, with respect to an amount allocated to petitioners from their wholly owned corporation pursuant to sec. 482, I.R.C. 1954, for 1974 and 1975. Held, further,…
1Opinion of the Court
Arthur Joel Eisenberg and June A. Eisenberg, Petitioners v. Commissioner of Internal Revenue, Respondent
Eisenberg v. Commissioner
Docket No. 828-79
United States Tax Court
78 T.C. 336; 1982 U.S. Tax Ct. LEXIS 129; 78 T.C. No. 25;
March 3, 1982, Filed
Decision will be entered under Rule 155.
Held, petitioners' gain on the sale of a cruise ship in an in rem foreclosure proceeding in a Canadian court is taxable income in 1978, when the priorities of creditors were determined and the proceeds were distributed from the registry of the court for application on petitioners' liability, and not in 1977,…
2Cases cited21 opinions
- United States v. GeneresSupreme Court of the United States · 1972
- Helvering v. HammelSupreme Court of the United States · 1941
- Healy v. CommissionerSupreme Court of the United States · 1953
- Aero Rental v. CommissionerUnited States Tax Court · 1975
- Johnston v. CommissionerUnited States Tax Court · 1950
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