Bolger v. Commissioner
United States Tax Court
Corporations were organized to acquire title to properties, issue promissory notes secured by mortgages, and execute leases in order to provide maximum financing by avoiding State law restrictions on loans to individuals, to provide a mechanism for limiting the personal liability of such individuals, and to facilitate multiple-lender financing.
Read the full summary
Corporations were organized to acquire title to properties, issue promissory notes secured by mortgages, and execute leases in order to provide maximum financing by avoiding State law restrictions on loans to individuals, to provide a mechanism for limiting the personal liability of such individuals, and to facilitate multiple-lender financing. Upon the consummation of the foregoing transactions, the corporations immediately transferred the properties to the individuals, subject to the mortgages and leases but without such individuals assuming any personal liability. Each corporation was…
1DissentScott, J.
I respectfully disagree with the conclusion of the majority in tMs case since in my view petitioner and his associates were merely owners of an equity or stock interest in the various corporations.
Gofee, /., agrees with this dissent. Quealy, /.,
dissenting: If compelled to travel the same route taken by the majority, I would nevertheless reach a different conclusion. My disagreement with the majority, however, goes deeper than that. As Appellate Judge Eives aptly observed in Davant v. Commissioner, 366 F. 2d 874, 879 (C.A. 5, 1966), our decision should be compatible with the statute as a…
2Cases cited15 opinions
- Universal Camera Corp. v. National Labor Relations BoardSupreme Court of the United States · 1951
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Crane v. CommissionerSupreme Court of the United States · 1947
- Morrissey v. CommissionerSupreme Court of the United States · 1935
10 more not listed; retrieve them via the Exa API.