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.
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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
PieRCe, Judge:
The respondent determined a deficiency in petitioners’ income tax, and also an addition to tax for substantial underestimate of estimated tax, as follows:
Addition to tax Year Deficiency sec. 294 (<0 (2)
1953_ $862. 64 $104. 52
Part of the deficiency is due to respondent’s adjustment of a mathematical error in the return, which is not contested by petitioners.
The issues for decision are:(1) Where the principal petitioner purchased certain realty, and in connection therewith assumed liability for payment of city and county taxes which had theretofore been assessed and had become a…
2Cases cited3 opinions
- Magruder v. SuppleeSupreme Court of the United States · 1942
- Smith v. CommissionerUnited States Tax Court · 1953
- Babcock v. CommissionerUnited States Tax Court · 1957
3Cited by7 opinions
- King v. CommissionerUnited States Tax Court · 1958
- Bevan v. CommissionerUnited States Tax Court · 1971
- Clementson v. CommissionerUnited States Tax Court · 1968
- Ford v. CommissionerUnited States Tax Court · 1957
- King v. CommissionerUnited States Tax Court · 1958
2 more not listed; retrieve them via the Exa API.