Fulton Gold Corp. v. Commissioner
United States Board of Tax Appeals
Where property is purchased subject to a mortgage (not assumed by the purchaser) and the mortgage subsequently satisfied by the purchaser for less than its face amount, upon the sale of the property the basis for determining loss or gain will be the amount paid to satisfy the mortgage plus the amount of the balance of the consideration paid for the property.
1Opinion of the Court
FULTON GOLD CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Fulton Gold Corp. v. Commissioner
Docket No. 60222.
United States Board of Tax Appeals
31 B.T.A. 519; 1934 BTA LEXIS 1078;
November 6, 1934, Promulgated
Where property is purchased subject to a mortgage (not assumed by the purchaser) and the mortgage subsequently satisfied by the purchaser for less than its face amount, upon the sale of the property the basis for determining loss or gain will be the amount paid to satisfy the mortgage plus the amount of the balance of the consideration paid for the property.
Benjami…
2Cases cited5 opinions
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Helvering v. American Chicle Co.Supreme Court of the United States · 1934
- B. F. Avery & Sons, Inc. v. CommissionerUnited States Board of Tax Appeals · 1932
- Fulton Gold Corp. v. CommissionerUnited States Board of Tax Appeals · 1934
- Sweinhart v. CommissionerUnited States Board of Tax Appeals · 1934