Ford v. Commissioner
United States Tax Court
1. The principal petitioner purchased certain realty and, under agreement with the vendor, assumed and later paid certain city and county taxes thereon which had previously been assessed and had become a lien on the property.
Read the full summary
1. The principal petitioner purchased certain realty and, under agreement with the vendor, assumed and later paid certain city and county taxes thereon which had previously been assessed and had become a lien on the property. Held, that such assumed taxes constituted part of petitioner's cost of the property, and that they are not deductible from his gross income. 2. After petitioner acquired the above property which was a beachfront house and lot, he not only offered the same for rent or sale through real estate agents, but he also moved into the house with his family and continued to occupy…
1Opinion of the Court
Ebb James Ford, Jr., and Janet E. Ford, Petitioners, v. Commissioner of Internal Revenue, Respondent
Ford v. Commissioner
Docket No. 61898
United States Tax Court
29 T.C. 499; 1957 U.S. Tax Ct. LEXIS 15;
December 23, 1957, Filed
Decision will be entered under Rule 50.
1. The principal petitioner purchased certain realty and, under agreement with the vendor, assumed and later paid certain city and county taxes thereon which had previously been assessed and had become a lien on the property. Held, that such assumed taxes constituted part of petitioner's cost of the property, and that they are not…
2Cases cited4 opinions
- Magruder v. SuppleeSupreme Court of the United States · 1942
- Smith v. CommissionerUnited States Tax Court · 1953
- Ford v. CommissionerUnited States Tax Court · 1957
- Babcock v. CommissionerUnited States Tax Court · 1957