Haass v. Commissioner
United States Board of Tax Appeals
1. A trust, of which petitioners were beneficiaries, conveyed certain property to a corporation in consideration of the receipt of all of the stock of the corporation and the assumption by the corporation of certain preexisting indebtedness standing against the trust property.
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1. A trust, of which petitioners were beneficiaries, conveyed certain property to a corporation in consideration of the receipt of all of the stock of the corporation and the assumption by the corporation of certain preexisting indebtedness standing against the trust property. Held, following Brons Hotels, Inc.,34 B.T.A. 376, that the assumption of the indebtedness will be regarded as "other property or money" as provided in section 112(c)(1) of the Revenue Act of 1932, and that the transaction accordingly resulted in taxable gain. 2. Where land has been sold on installment contract, with…
1Opinion of the Court
WALTER F. HAASS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
LILLIAN A. HAASS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
MARGARET H. MURPHY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Haass v. Commissioner
Docket Nos. 83534, 83535, 83536.
United States Board of Tax Appeals
37 B.T.A. 948; 1938 BTA LEXIS 963;
May 31, 1938, Promulgated
1. A trust, of which petitioners were beneficiaries, conveyed certain property to a corporation in consideration of the receipt of all of the stock of the corporation and the assumption by the corporation of certain…
2Cases cited3 opinions
- Brons Hotels v. CommissionerUnited States Board of Tax Appeals · 1936
- Eggerman Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1937
- Haass v. CommissionerUnited States Board of Tax Appeals · 1938