Aizawa v. Commissioner
United States Tax Court
Petitioners owned rental property which was subject to a recourse mortgage. Upon default, the property was acquired by the mortgagee at a foreclosure sale, and a deficiency judgment obtained against petitioners. Held, in determining petitioners' loss, the amount of the proceeds of the foreclosure sale constitutes the "amount realized" under sec. 1001(a), I.R.C.
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined deficiencies in petitioners’ Federal income tax as follows:
Additions to tax
Year ended Deficiency Sec. 6653(a)(1)(A) Sec. 6653(a)(1)(B) Sec. 6661
12/31/86 $9,159 $457.95 To be determined $2,289.75
12/31/87 31,153 1,557.65 To be determined 7,788.25
All statutory references are to the Internal Revenue Code in effect for the years in issue, and all Rule references are to the Tax Court Rules of Practice and Procedure.
As a result of concessions of the parties, the only issue remaining for decision is the proper amount of petitioners’ loss in 1987,…
2Cases cited15 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Helvering v. HammelSupreme Court of the United States · 1941
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Commissioner v. TuftsSupreme Court of the United States · 1983
- Waddell v. CommissionerUnited States Tax Court · 1986
10 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Frazier v. CommissionerUnited States Tax Court · 1998
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- Wicker v. CommissionerUnited States Tax Court · 1993
- Aizawa v. CommissionerUnited States Tax Court · 1992
- Charles K. Breland, Jr. v. CommissionerUnited States Tax Court · 2019
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