Heldt v. Commissioner
United States Board of Tax Appeals
A transaction by which the owner of a mortgage upon property takes such property and discharges the mortgage obligation constitutes an exchange of property for other property and gives rise to taxable gain or deductible loss, measured by the difference between the cost of the mortgage and the market value of the property.
1Opinion of the Court
HENRY HELDT, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Heldt v. Commissioner
Docket No. 29095.
United States Board of Tax Appeals
16 B.T.A. 1035; 1929 BTA LEXIS 2468;
June 12, 1929, Promulgated
A transaction by which the owner of a mortgage upon property takes such property and discharges the mortgage obligation constitutes an exchange of property for other property and gives rise to taxable gain or deductible loss, measured by the difference between the cost of the mortgage and the market value of the property.
F. W. McReynolds, Esq., for the petitioner.
W. F. Gibbs, Esq., for the…
2Cases cited1 opinion
- Heldt v. CommissionerUnited States Board of Tax Appeals · 1929