Collateral Mortg. & Inv. Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner was the owner of a parcel of real estate, subject to a first mortgage. The mortgagee notified the petitioner that it had entered into possession of the property due to default in certain payments and that it would take action unless the defaults were cured immediately. Petitioner through its nominee continued to hold title to the property and there was no foreclosure during the taxable year.
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1. Petitioner was the owner of a parcel of real estate, subject to a first mortgage. The mortgagee notified the petitioner that it had entered into possession of the property due to default in certain payments and that it would take action unless the defaults were cured immediately. Petitioner through its nominee continued to hold title to the property and there was no foreclosure during the taxable year. Held, petitioner is not entitled to take a loss on the ground that it abandoned the real estate in the taxable year. Greenleaf Textile Corporation,26 B.T.A. 737; affd., 65 Fed.(2d) 1017. 2.…
1Opinion of the Court
*633OPINION.
Black:
Petitioner in its income tax return claimed the $1,482.25 deduction here involved as a bad debt deduction. However, in the petition which has been filed the petitioner claims a loss of that amount on real estate which it claims was surrendered to the mortgagee during the taxable year. Respondent in his answer denied not only the allegations of error but also the allegations of fact upon which petitioner relied. In this state of the pleadings the burden of proving all elements necessary to establish its loss is upon petitioner.
We do not think petitioner has met that burden of…
2Cited by10 opinions
- Noteman v. WelchCourt of Appeals for the First Circuit · 1939
- Blenheim Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1942
- Blenheim Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Berwindmoor S.S. Co. v. CommissionerUnited States Tax Court · 1944
- Clay v. CommissionerUnited States Board of Tax Appeals · 1939
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