Anover Realty Corp. v. Commissioner
United States Tax Court
Condyck Corporation incurred mortgage discounts and expenses in connection with its purchase of realty, which it proceeded to amortize over the period of the purchase price mortgages. Condyck was dissolved and the mortgaged realty was transferred to its stockholders subject to the mortgages. A few days later the stockholders transferred the mortgaged realty to three new corporations for all of their stock.
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Condyck Corporation incurred mortgage discounts and expenses in connection with its purchase of realty, which it proceeded to amortize over the period of the purchase price mortgages. Condyck was dissolved and the mortgaged realty was transferred to its stockholders subject to the mortgages. A few days later the stockholders transferred the mortgaged realty to three new corporations for all of their stock. Held, petitioner, one of the new corporations, could not deduct a pro rata share of the unamortized mortgage discount and expenses incurred by Condyck.
1Opinion of the Court
OPINION.
Mulroney, Judge:
Respondent determined deficiencies in petitioner’s income tax of $3,007.31 for the fiscal year ended November 30, 1952, and of $1,416 for the fiscal year ended November 30, 1953. Because of certain concessions by the parties, none of the deficiency for fiscal 1953 remains in issue.
The question for decision is whether petitioner, the transferee of mortgaged realty, is entitled to amortize and deduct a pro rata share of the remaining unamortized portion of mortgage discount and expenses incurred by its predecessor corporation.
All of the facts have been stipulated and…
2Cases cited7 opinions
- Burnet v. S. & L. Building Corp.Supreme Court of the United States · 1933
- Lovejoy v. CommissionerUnited States Board of Tax Appeals · 1930
- L-R Heat Treating Co. v. CommissionerUnited States Tax Court · 1957
- Longview Hilton Hotel Co. v. CommissionerUnited States Tax Court · 1947
- Wolan v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1950
2 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Diamond v. CommissionerUnited States Tax Court · 1971
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- Fort Howard Corp. v. CommissionerUnited States Tax Court · 1994
- Lay v. CommissionerUnited States Tax Court · 1977
- Lewis v. CommissionerUnited States Tax Court · 1975
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