R. O'Dell & Sons Co. v. Commissioner
United States Tax Court
Foreclosure of mortgage and sale of mortgaged property having the effect under State law of discharging petitioner's obligation in an amount greater than its adjusted basis for the mortgaged property, held to result in gain in year in which action for deficiency judgment was barred.
1Opinion of the Court
OPINION.
Oppeb, Judge’.
If an owner sells property for more than its basis, the assumption that there has been a taxable gain follows almost inevitably. This is as true where the consideration received is property as where it is cash. Sometimes, the transaction involves an atypical sort of consideration such as release of the transferor’s indebtedness. That does not prevent the transfer from being a sale or exchange resulting in capital gain or loss. Harold R. Smith, 39 B. T. A. 892; James B. Lapsley, 44 B. T. A. 1105; Rogers v. Commissioner (C. C. A., 9th Cir.), 103 Fed. (2d) 790; certiorari…
2Cases cited4 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- H. J. Heinz Co. v. National Labor Relations BoardSupreme Court of the United States · 1941
- Helvering v. HammelSupreme Court of the United States · 1941
- Lutz & Schramm Co. v. CommissionerUnited States Tax Court · 1943
3Cited by22 opinions
- Danenberg v. CommissionerUnited States Tax Court · 1979
- Woodsam Associates, Inc. v. CommissionerUnited States Tax Court · 1951
- Mendham Corp. v. CommissionerUnited States Tax Court · 1947
- R. O'Dell & Sons Co. v. Commissioner of Internal Rev.Court of Appeals for the Third Circuit · 1948
- Eisenberg v. CommissionerUnited States Tax Court · 1982
17 more not listed; retrieve them via the Exa API.