Laughinghouse v. Comm'r
United States Tax Court
In 1975, petitioner Margarette S. Laughinghouse acquired real estate from her parents in exchange for a cash payment and two series of promissory notes, one series payable to her father and the other to her mother. The notes and a bank cash loan were secured by mortgages on the land. In February 1976, prior to the due date on any promissory notes to her father, he died, bequeathing the notes due him to Margarette. She was also named and appointed executrix of his will.
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In 1975, petitioner Margarette S. Laughinghouse acquired real estate from her parents in exchange for a cash payment and two series of promissory notes, one series payable to her father and the other to her mother. The notes and a bank cash loan were secured by mortgages on the land. In February 1976, prior to the due date on any promissory notes to her father, he died, bequeathing the notes due him to Margarette. She was also named and appointed executrix of his will. In December 1976, Margarette transferred the real estate, subject to the mortgages, to a newly formed partnership. The notes…
1Opinion of the Court
Fernie C. Laughinghouse, Petitioner v. Commissioner of Internal Revenue, Respondent; Margarette S. Laughinghouse, Petitioner v. Commissioner of Internal Revenue, Respondent
Laughinghouse v. Comm'r
Docket Nos. 6975-80, 6976-80
United States Tax Court
80 T.C. 425; 1983 U.S. Tax Ct. LEXIS 132; 80 T.C. No. 16;
February 15, 1983, Filed
Decisions will be entered in favor of the taxpayers.
In 1975, petitioner Margarette S. Laughinghouse acquired real estate from her parents in exchange for a cash payment and two series of promissory notes, one series payable to her father and the other to her mother. The…
2Cases cited19 opinions
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Commissioner v. National Alfalfa Dehydrating & Milling Co.Supreme Court of the United States · 1974
- Central Tablet Manufacturing Co. v. United StatesSupreme Court of the United States · 1974
- Stonecrest Corp. v. CommissionerUnited States Tax Court · 1955
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