Ganopuls v. Commissioner
United States Board of Tax Appeals
In 1927 petitioner purchased a parcel of real property under a land contract which provided that in case he defaulted in carrying out the terms thereof the vendor would have the right to declare the contract void, retain whatever might have been paid thereon, and be entitled to take immediate possession of the premises. After making certain principal payments on the contract, petitioner defaulted.
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In 1927 petitioner purchased a parcel of real property under a land contract which provided that in case he defaulted in carrying out the terms thereof the vendor would have the right to declare the contract void, retain whatever might have been paid thereon, and be entitled to take immediate possession of the premises. After making certain principal payments on the contract, petitioner defaulted. In 1934, petitioner being in default, the vendor served him with a notice of forfeiture, declaring the contract forfeited and notifying him to surrender and deliver up possession of the premises. As…
1Opinion of the Court
C. G. GANOPULS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Ganopuls v. Commissioner
Docket No. 87985.
United States Board of Tax Appeals
39 B.T.A. 1120; 1939 BTA LEXIS 923;
May 26, 1939, Promulgated
In 1927 petitioner purchased a parcel of real property under a land contract which provided that in case he defaulted in carrying out the terms thereof the vendor would have the right to declare the contract void, retain whatever might have been paid thereon, and be entitled to take immediate possession of the premises. After making certain principal payments on the contract,…
2Cases cited2 opinions
- Smith v. CommissionerUnited States Board of Tax Appeals · 1939
- Ganopuls v. CommissionerUnited States Board of Tax Appeals · 1939