McShain v. Commissioner
United States Tax Court
Held, under the facts and circumstances of this case, a second leasehold mortgage note had no ascertainable fair market value in 1970 for purposes of determining whether there was a gain on a sale within the meaning of sec. 1001, I.R.C. 1954.
1Opinion of the Court
John McShain and Mary McShain, Petitioners v. Commissioner of Internal Revenue, Respondent
McShain v. Commissioner
Docket Nos. 4767-74, 9649-75
United States Tax Court
71 T.C. 998; 1979 U.S. Tax Ct. LEXIS 158;
March 14, 1979, Filed
Decisions will be entered under Rule 155.
Held, under the facts and circumstances of this case, a second leasehold mortgage note had no ascertainable fair market value in 1970 for purposes of determining whether there was a gain on a sale within the meaning of sec. 1001, I.R.C. 1954.
John F. Kennedy and Charles V. Stoelker, Jr., for the petitioners.
Howard W. Gordon, for…
2Cases cited25 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Estate of J. A. Kreis, Deceased, Herbert Clark, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1955
- Bedell v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1929
- McShain v. CommissionerUnited States Tax Court · 1979
- Fred M. Waring and Virginia Waring v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1969
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