212 Corp. v. Commissioner
United States Tax Court
1. H and W transferred appreciated real property to a corporation in exchange for an annuity. Held, the recoverable "investment in the contract," as defined in sec. 72(c), I.R.C. 1954, is the fair market value of the property transferred; the fair market value of such property determined. 2. Held, the gain resulting from the transfer of such properties is taxable to the transferors in the year of the exchange.
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1. H and W transferred appreciated real property to a corporation in exchange for an annuity. Held, the recoverable "investment in the contract," as defined in sec. 72(c), I.R.C. 1954, is the fair market value of the property transferred; the fair market value of such property determined. 2. Held, the gain resulting from the transfer of such properties is taxable to the transferors in the year of the exchange. Estate of Bell v. Commissioner, 60 T.C. 469 (1973), followed. 3. Held, the bases and useful lives of the properties transferred determined for purposes of computing allowable…
1Opinion of the Court
212 Corporation, Petitioner v. Commissioner of Internal Revenue, Respondent; Estate of Arthur F. Schultz, Deceased, Robert C. Schultz and Harold H. Schultz, Executors, and Madeline M. Schultz, Petitioners v. Commissioner of Internal Revenue, Respondent
212 Corp. v. Commissioner
Docket Nos. 8683-74, 8684-74
United States Tax Court
70 T.C. 788; 1978 U.S. Tax Ct. LEXIS 66;
August 31, 1978, Filed
Decisions will be entered under Rule 155.
1. H and W transferred appreciated real property to a corporation in exchange for an annuity. Held, the recoverable "investment in the contract," as defined in sec.…
Also in this document: Dissent · Fay; Dissent · Simpson.
2Cases cited40 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- United States v. DavisSupreme Court of the United States · 1962
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Sylvan v. CommissionerUnited States Tax Court · 1975
- Lorenzo Alvary v. United StatesCourt of Appeals for the Second Circuit · 1962
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