Voight v. Commissioner
United States Tax Court
Petitioners sold real property, the mortgages on which exceeded petitioners' adjusted basis, under an installment contract. The purchaser guaranteed payment of the mortgages to the mortgagee but did not expressly assume the mortgages. Pursuant to an option granted in the contract, the purchaser paid the part of the selling price attributable to the mortgage directly to the mortgagee.
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Petitioners sold real property, the mortgages on which exceeded petitioners' adjusted basis, under an installment contract. The purchaser guaranteed payment of the mortgages to the mortgagee but did not expressly assume the mortgages. Pursuant to an option granted in the contract, the purchaser paid the part of the selling price attributable to the mortgage directly to the mortgagee. Held, the purchaser assumed the mortgages within the meaning of sec. 1.453-4(c), Income Tax Regs., with the result that payments in the year of sale included the excess of the mortgages over the petitioners'…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies in petitioners’ Federal income tax and an addition to tax as set forth below:
Docket Calendar No. Petitioners year Deficiency Addition to tax, sec. 6651(a)
4565-74 Floyd J. Voight and Marion C. Voight. 1968 $204,017.48 -
1969 123,036.91 -
7014-75 Floyd J. Voight and C. Lorraine Perk Voight. 1970 44,355.27 $10,460.20
1971 7,450.48 -
Several issues raised by the pleadings have been disposed of by agreement of the parties. The only issue remaining for decision is whether petitioners are entitled to report gain realized on the sale of real property in…
2Cases cited12 opinions
- Burnet v. S. & L. Building Corp.Supreme Court of the United States · 1933
- Continental Bank & Trust Co. v. AkwaWisconsin Supreme Court · 1973
- Stonecrest Corp. v. CommissionerUnited States Tax Court · 1955
- Estate of Lamberth v. CommissionerUnited States Tax Court · 1958
- Waldrep v. CommissionerUnited States Tax Court · 1969
7 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Goodman v. CommissionerUnited States Tax Court · 1980
- Hunt v. CommissionerUnited States Tax Court · 1983
- Professional Equities v. CommissionerUnited States Tax Court · 1987
- Maddox v. CommissionerUnited States Tax Court · 1978
- Gershman Family Foundation v. CommissionerUnited States Tax Court · 1984
15 more not listed; retrieve them via the Exa API.