Legal Opinion
Commissioner of Internal Revenue v. Frank W. Babcock
Court of Appeals for the Ninth Circuit
Decided September 23, 1958No. 15888_1PublishedCited by 5 opinions
1Opinion of the Court
BARNES, Circuit Judge.
The Commissioner of Internal Revenue petitions for a review of a decision of the Tax Court of the United States in favor of respondent, Frank W. Babcock (hereinafter called taxpayer).
In October 1945 taxpayer purchased the Elk Metropole Hotel in Los Angeles for $89,600. $19,600 was paid in cash, and a purchase money mortgage for $70,000 was given which had been reduced to a balance due of $57,572.63 on November 9,1949.
On that day the State of California condemned taxpayer’s property, paying $207,323.34. The State paid off the balance of the mortgage to its holder, and the…
2Cases cited8 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Commissioner v. Scottish American Investment Co.Supreme Court of the United States · 1945
- Commissioner of Internal Revenue v. Moore. Moore v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1953
- Commissioner of Internal Revenue v. Fortee Properties, Inc.Court of Appeals for the Second Circuit · 1954
3 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Graphic Press, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1975
- Ramey Inv. Corp. v. CommissionerUnited States Tax Court · 1967
- Graphic Press, Inc. v. CommissionerUnited States Tax Court · 1973
- Graphic Press, Inc. v. CommissionerUnited States Tax Court · 1973
- Harsh Investment Corp. v. United StatesDistrict Court, D. Oregon · 1970