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
OPINION.
Turner:
Tbis proceeding was brought to redetermine a deficiency m income tax for tbe year 1934 in the amount of $230.56. Tbe only question presented is whether a certain loss sustained by petitioner, as assignee of tbe vendee in a contract to purchase real property, resulting from tbe vendor’s declaring the contract forfeited constituted an ordinary loss or a capital loss. The facts were stipulated and as stipulated are adopted as our findings herein. Only those facts essential to the discussion of the issues will be recited.
Petitioner is an individual, residing at Detroit, Michigan.
On…
2Cases cited2 opinions
- Chicago Boulevard Land Co. v. Apartment GaragesMichigan Supreme Court · 1929
- Goodspeed v. DeanMichigan Supreme Court · 1864
3Cited by2 opinions
- O'Madigan v. CommissionerUnited States Tax Court · 1960
- Ganopuls v. CommissionerUnited States Board of Tax Appeals · 1939