Megibow v. Commissioner
United States Tax Court
1. Gain or Loss -- Basis -- Carrying Charges -- Taxes and Mortgage Interest -- Secs. 24 (a) (7) and 113 (b) (1) (A), I. R. C. -- Real estate taxes and mortgage interest paid on property while it was being used and occupied regularly as a residence are deductible as paid and are not carrying charges to be capitalized as a part of the cost of the property. 2. Gross Income -- Salary Credited to Civil Service Retirement Fund. -- Amounts withheld from petitioner's salary and…
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1. Gain or Loss -- Basis -- Carrying Charges -- Taxes and Mortgage Interest -- Secs. 24 (a) (7) and 113 (b) (1) (A), I. R. C. -- Real estate taxes and mortgage interest paid on property while it was being used and occupied regularly as a residence are deductible as paid and are not carrying charges to be capitalized as a part of the cost of the property. 2. Gross Income -- Salary Credited to Civil Service Retirement Fund. -- Amounts withheld from petitioner's salary and deposited to his credit in the Civil Service retirement and disability fund are includible in gross income.
1Opinion of the Court
OPINION.
Muedock, Judge:
The Commissioner determined a deficiency of $121.42 in income taxes of the petitioners for 1949. The petitioners allege that the Commissioner erred in not taking taxes and mortgage interest into account as carrying charges in computing the profit from the sale of their residence, as provided by sections 24 (a) (7) and 113 (b) (1) (A) of the Internal Revenue Code, and in failing to find that $375.28 of Isaiah’s salary received as a Civil Service employee of the Internal Revenue Service is exempt from taxation. The case was submitted under Rule 30 and the stipulation of…
2Cases cited6 opinions
- Dismuke v. United StatesSupreme Court of the United States · 1936
- City of Dallas v. TrammellTexas Supreme Court · 1937
- Raines v. Board of Trustees Pen. FundIllinois Supreme Court · 1937
- Miller v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1944
- Taylor v. CommissionerUnited States Tax Court · 1943
1 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Foster v. Comm'rUnited States Tax Court · 1983
- Feistman v. CommissionerUnited States Tax Court · 1974
- Sibla v. CommissionerUnited States Tax Court · 1977
- Isaiah and Regina Megibow v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1955
- Cohen v. CommissionerUnited States Tax Court · 1974
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