Harris v. Commissioner
United States Tax Court
Robert A. Eubanks, guardian, entered into negotiations for the sale of a parcel of improved real estate belonging to petitioner, Nannie Carr Harris, incompetent.
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Robert A. Eubanks, guardian, entered into negotiations for the sale of a parcel of improved real estate belonging to petitioner, Nannie Carr Harris, incompetent. Pursuant to court order, $ 110,000 of the proceeds from this sale was deposited in an irrevocable escrow account on Jan. 17, 1964, payable in installments to Harris over a period of 4 years commencing on January 2, 1965. Held, petitioner is entitled to use installment sale provisions of section 453 since she did not constructively receive in 1964 $ 110,000 deposited in the irrevocable escrow account. Held, further, petitioner Harris…
1Opinion of the Court
OPINION
Irwin, Judge:
The Commissioner determined a deficiency of $30,757.32 in petitioner’s income tax for the calendar year 1964. The two issues presented for our decision are:(1) Whether petitioner constructively received proceeds totaling $110,000 in 1964 from the sale of certain real property, thereby requiring the inclusion of these proceeds in her gross income for that year under section 451 of the Internal Revenue Code of 1954;1 and(2) Whether petitioner constructively received in 1964 $4,070.04 in interest income accrued on an escrow deposit, which interest was credited by the escrow…
2Cases cited20 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Commissioner v. TowerSupreme Court of the United States · 1946
- Burnet v. HarmelSupreme Court of the United States · 1932
- Avery v. CommissionerSupreme Court of the United States · 1934
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3Cited by5 opinions
- Anastasio v. CommissionerUnited States Tax Court · 1977
- Nannie Carr Harris, Incompetent, and Robert A. Eubanks, Guardian v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1973
- Anastasio v. CommissionerUnited States Tax Court · 1977
- DeMauro v. CommissionerUnited States Tax Court · 1994
- Harris v. CommissionerUnited States Tax Court · 1971