Rogers v. Commissioner
United States Board of Tax Appeals
Decedent and wife purchased business property for which they paid cash, assumed a note secured by a mortgage upon the property, and executed and delivered a note secured by trust deed on the same property. The first note was paid, but the second note was not paid when it became due in 1932. In 1933, pursuant to an agreement entered into with the holder of the second note, the property was conveyed to it and the note was surrendered and canceled.
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Decedent and wife purchased business property for which they paid cash, assumed a note secured by a mortgage upon the property, and executed and delivered a note secured by trust deed on the same property. The first note was paid, but the second note was not paid when it became due in 1932. In 1933, pursuant to an agreement entered into with the holder of the second note, the property was conveyed to it and the note was surrendered and canceled. Held, the conveyance of the property by decedent and his wife in consideration for the cancellation of their debt was a "sale" within the meaning of…
1Opinion of the Court
OPINION.
Mellott:
These consolidated proceedings involve deficiencies in income taxes for the year 1933 in the amount of $17,055.90 in Docket *898lío. 84895 and $16,894.61 in Docket No. 84896. The respondent decreased a marital community loss, one-half of which was deducted by each member of the community as an ordinary loss, from $57,643.46 to. $54,055.25, and treated it as a capital loss sustained equally by each member of the community. The only question involved is whether such loss is a capital loss or an ordinary loss.
The proceedings were submitted upon two stipulations of facts which, except…
2Cases cited9 opinions
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Metropolitan Bank v. St. Louis Dispatch Co.Supreme Court of the United States · 1893
- Iowa v. McFarlandSupreme Court of the United States · 1884
- Gallus v. ElmerMassachusetts Supreme Judicial Court · 1906
- Hulin v. VeatchOregon Supreme Court · 1934
4 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Rogers v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1939
- National-Standard Co. v. CommissionerUnited States Tax Court · 1983
- Boatman v. CommissionerUnited States Tax Court · 1959
- Bialock v. CommissionerUnited States Tax Court · 1961
- Hollywood Baseball Ass'n v. CommissionerUnited States Tax Court · 1964
23 more not listed; retrieve them via the Exa API.