Eggerman Inv. Co. v. Commissioner
United States Board of Tax Appeals
The petitioner sold a parcel of real property, retaining title, and returned the profit on the installment basis. The buyer defaulted and in 1932 the petitioner reacquired possession and the unpaid installment obligations were satisfied for certain considerations.
Read the full summary
The petitioner sold a parcel of real property, retaining title, and returned the profit on the installment basis. The buyer defaulted and in 1932 the petitioner reacquired possession and the unpaid installment obligations were satisfied for certain considerations. Held, following Boca Ratone Co. v. Commissioner, 86 Fed.(2d) 9, that repossession did not result in taxable income to be computed in accordance with article 353, Regulations 77, but that the transaction between buyer and petitioner in 1932 constituted a satisfaction of the buyer's installment obligation at other than face value…
1Opinion of the Court
EGGERMAN INVESTMENT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Eggerman Inv. Co. v. Commissioner
Docket No. 79013.
United States Board of Tax Appeals
36 B.T.A. 1196; 1937 BTA LEXIS 610;
December 28, 1937, Promulgated
The petitioner sold a parcel of real property, retaining title, and returned the profit on the installment basis. The buyer defaulted and in 1932 the petitioner reacquired possession and the unpaid installment obligations were satisfied for certain considerations. Held, following Boca Ratone Co. v. Commissioner, 86 Fed.(2d) 9, that repossession did not result…
2Cases cited1 opinion
- Eggerman Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1937