Bowen v. Commissioner
United States Board of Tax Appeals
Where a taxpayer mortgagee in 1934 accepted bonds of the Home Owners' Loan Corporation of less face value than her interest in certain mortgages which she had held for more than five, but less than ten, years, the transaction constituted an exchange of capital assets and her deductible loss is limited by the provisions of section 117 of the Revenue Act of 1934.
1Opinion of the Court
*413OPINION.
Van Fossan :
This proceeding was brought to redetermine a deficiency in the income tax of petitioner for the calendar year 1934 in the sum of $40.80.
The question for our determination is whether the following described transactions constituted a “sale or exchange” of certain mortgage interests for bonds of the Home Owners’ Loan Corporation, or a payment therefor.
The facts in the case are stipulated in substance as follows:
On or about June 1, 1921, one William Downie and his wife borrowed from one Walter J. Taylor the sum of $2,800 and on that date executed a note payable in five years.…
2Cited by4 opinions
- Bowen v. CommissionerUnited States Board of Tax Appeals · 1938
- Denniston v. CommissionerUnited States Board of Tax Appeals · 1938
- Kimmelman v. CommissionerUnited States Tax Court · 1943
- Stewart v. CommissionerUnited States Board of Tax Appeals · 1939