Piper v. Commissioner
United States Board of Tax Appeals
Petitioners sold real estate in 1925 under an installment contract and reported income therefrom in subsequent years on the installment basis. Upon default of the purchaser in 1935 petitioners instituted foreclosure proceedings on their mortgage and in 1936 bid in the property at foreclosure sale for an amount in excess of the unpaid balance of the contract price plus accrued interest thereon.
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Petitioners sold real estate in 1925 under an installment contract and reported income therefrom in subsequent years on the installment basis. Upon default of the purchaser in 1935 petitioners instituted foreclosure proceedings on their mortgage and in 1936 bid in the property at foreclosure sale for an amount in excess of the unpaid balance of the contract price plus accrued interest thereon. At the time of such foreclosure sale the fair market value of the property was much less than the bid price. Held, that the petitioners received interest income to the extent of the interest due on the…
1Opinion of the Court
T. EUGENE PIPER AND LILY B. PIPER (ALSO KNOWN AS LILLY B. PIPER), PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Piper v. Commissioner
Docket No. 101766.
United States Board of Tax Appeals
45 B.T.A. 280; 1941 BTA LEXIS 1146;
October 7, 1941, Promulgated
Petitioners sold real estate in 1925 under an installment contract and reported income therefrom in subsequent years on the installment basis. Upon default of the purchaser in 1935 petitioners instituted foreclosure proceedings on their mortgage and in 1936 bid in the property at foreclosure sale for an amount in excess of the unpaid…
2Cases cited8 opinions
- Helvering v. Midland Mutual Life InsuranceSupreme Court of the United States · 1937
- Missouri State Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Reserve Loan Life Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1929
- Manomet Cranberry Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Eggerman Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1937
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