McInerney v. Commissioner
United States Board of Tax Appeals
1. In determining the installment basis upon a casual sale of personal and real property, held, the amount of mortgages assumed by the purchaser must be deducted from the selling price in determining the "total contract price" under section 44(b) of the Revenue Act of 1928. 2. Where a corporation was created for the sole purpose of passing title to the purchaser and passing payment to the vendor and was controlled by an attorney who acted for all the parties to the sale,…
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1. In determining the installment basis upon a casual sale of personal and real property, held, the amount of mortgages assumed by the purchaser must be deducted from the selling price in determining the "total contract price" under section 44(b) of the Revenue Act of 1928. 2. Where a corporation was created for the sole purpose of passing title to the purchaser and passing payment to the vendor and was controlled by an attorney who acted for all the parties to the sale, payment made to the corporation by the purchaser must be regarded as constructively received by the vendor. 3. Where the…
1Opinion of the Court
*5OPINION.
Goodeich :
It is stipulated upon the record that petitioner and his wife conveyed the properties, both real and personal, acquired by petitioner from Baldwin, through Wiltshire as trustee, to the National Spring & Wire Co. for a consideration of $572,700, this figure being arrived at by deducting $40,000, representing mortgages assumed by the purchaser, from $612,700, the gross selling price of the assets. Upon that basis, petitioner contends that the initial payment received in 1928, the year of the sale, was less than 40 per centum, and the transaction may be treated as an…
2Cases cited10 opinions
- Maryland Casualty Co. v. United StatesSupreme Court of the United States · 1920
- Burnet v. LeiningerSupreme Court of the United States · 1932
- Burnet v. S. & L. Building Corp.Supreme Court of the United States · 1933
- Rensselaer & S. R. v. IrwinCourt of Appeals for the Second Circuit · 1918
- Seatree v. CommissionerUnited States Board of Tax Appeals · 1932
5 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Palmer v. CommissionerUnited States Tax Court · 1974
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Cisler v. CommissionerUnited States Tax Court · 1962
- Chisholm v. CommissionerUnited States Board of Tax Appeals · 1934
- Fitch v. CommissionerUnited States Board of Tax Appeals · 1934
10 more not listed; retrieve them via the Exa API.