Estate of Lamberth v. Commissioner
United States Tax Court
1. The petitioners' partnership, in 1951, entered into contracts for the sale of 26 mortgaged duplexes. Payments were to be made by the purchasers for a number of years, after which time titles were to be conveyed subject to the balances then due on the mortgage debts. The purchasers were generally war workers having limited assets.
Read the full summary
1. The petitioners' partnership, in 1951, entered into contracts for the sale of 26 mortgaged duplexes. Payments were to be made by the purchasers for a number of years, after which time titles were to be conveyed subject to the balances then due on the mortgage debts. The purchasers were generally war workers having limited assets. The partnership reported these sales on the installment basis in 1951. Sec. 44, I. R. C. 1939. (a) Held, petitioners are bound by their election to report the sales on the installment basis and may not now change to a deferred payment recovery-of-cost basis. (b)…
1Opinion of the Court
Train, Judge:
Respondent determined deficiencies in the income taxes of the petitioners as follows:
[[Image here]]
The issues to be decided are:(1) Whether the sales of 26 duplexes, sold subject to existing mortgages of record by the partnership of Lewis and Lamberth in 1951, were properly reported on the installment basis, or should be determined to be reportable only on a deferred payment recovery-of-cost basis.(2) If properly reported on the installment sales basis, in determining the amount of gain realized in 1951 on such sales, should the amounts by which each mortgage exceeded the…
2Cases cited17 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Burnet v. LoganSupreme Court of the United States · 1931
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Burnet v. S. & L. Building Corp.Supreme Court of the United States · 1933
- S. Nicholas Jacobs and Dolores I. Jacobs v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
12 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- Republic Petroleum Corp. v. United StatesCourt of Appeals for the Fifth Circuit · 1980
- Wilbur v. CommissionerUnited States Tax Court · 1964
- Estate of Stamos v. CommissionerUnited States Tax Court · 1970
- Goodman v. CommissionerUnited States Tax Court · 1980
- Voight v. CommissionerUnited States Tax Court · 1977
26 more not listed; retrieve them via the Exa API.