Aqualane Shores, Inc. v. Commissioner
United States Tax Court
Three partners acquired certain real estate in 1949 as to which their adjusted basis was approximately $ 69,000. In 1950 they organized a corporation and conveyed the property to it at a price of $ 250,000 subject to a prior mortgage of approximately $ 50,000. They purported to subscribe in equal amounts to $ 9,600 of the corporation's stock and on the same day received a purported downpayment of $ 9,000. The corporation agreed to pay the balance of $ 191,000 in 5 annual…
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Three partners acquired certain real estate in 1949 as to which their adjusted basis was approximately $ 69,000. In 1950 they organized a corporation and conveyed the property to it at a price of $ 250,000 subject to a prior mortgage of approximately $ 50,000. They purported to subscribe in equal amounts to $ 9,600 of the corporation's stock and on the same day received a purported downpayment of $ 9,000. The corporation agreed to pay the balance of $ 191,000 in 5 annual installments for which no security was given. The corporation immediately needed considerable sums as working capital and…
1Opinion of the Court
Aqualane Shores, Inc., a Florida Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Aqualane Shores, Inc. v. Commissioner
Docket No. 55278
United States Tax Court
30 T.C. 519; 1958 U.S. Tax Ct. LEXIS 181;
May 29, 1958, Filed
Decision will be entered under Rule 50.
Three partners acquired certain real estate in 1949 as to which their adjusted basis was approximately $ 69,000. In 1950 they organized a corporation and conveyed the property to it at a price of $ 250,000 subject to a prior mortgage of approximately $ 50,000. They purported to subscribe in equal amounts to $ 9,600 of…
2Cases cited15 opinions
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Dobkin v. CommissionerUnited States Tax Court · 1950
- Sun Properties, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1955
- Colony, Inc. v. CommissionerUnited States Tax Court · 1956
- Heller v. CommissionerUnited States Tax Court · 1943
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