Murray v. Commissioner
United States Tax Court
1. Petitioner mortgaged a piece of business property in 1932 as security for a loan of $ 64,000. The mortgagees foreclosed and transferred the property to third parties in 1936. In 1937, petitioner instituted suit in an Oregon court claiming a right to redeem the property from the third parties, and in 1942, the Oregon Supreme Court held that the petitioner had an equity of redemption and that the third parties were mortgagees in possession, holding the property for the…
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1. Petitioner mortgaged a piece of business property in 1932 as security for a loan of $ 64,000. The mortgagees foreclosed and transferred the property to third parties in 1936. In 1937, petitioner instituted suit in an Oregon court claiming a right to redeem the property from the third parties, and in 1942, the Oregon Supreme Court held that the petitioner had an equity of redemption and that the third parties were mortgagees in possession, holding the property for the benefit of the petitioner. After an accounting, it was determined in 1947 that petitioner was entitled to credit toward…
1Opinion of the Court
E. J. Murray, Petitioner, v. Commissioner of Internal Revenue, Respondent
Murray v. Commissioner
Docket No. 37486
United States Tax Court
21 T.C. 1049; 1954 U.S. Tax Ct. LEXIS 252;
March 31, 1954, Promulgated
Decision will be entered under Rule 50.
1. Petitioner mortgaged a piece of business property in 1932 as security for a loan of $ 64,000. The mortgagees foreclosed and transferred the property to third parties in 1936. In 1937, petitioner instituted suit in an Oregon court claiming a right to redeem the property from the third parties, and in 1942, the Oregon Supreme Court held that the…
2Cases cited10 opinions
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Swastika Oil & Gas Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1941
- Murray v. WileyOregon Supreme Court · 1942
- Commissioner of Int. Rev. v. Penn Athletic Club Bldg.Court of Appeals for the Third Circuit · 1949
- Commissioner of Internal Rev. v. F. & R. Lazarus & Co.Court of Appeals for the Sixth Circuit · 1939
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