Legal Opinion
Edward J. Duffy & Shannon L. Duffy v. Commissioner
United States Tax Court
Decided July 13, 2020No. 8711-16Unpublished
1Opinion of the Court
T.C. Memo. 2020-108
UNITED STATES TAX COURT EDWARD J. DUFFY AND SHANNON L. DUFFY, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 8711-16. Filed July 13, 2020. In 2009, Ps began renting out a property (Property 1) that they had previously used as a vacation home. In 2011, Ps sold Property 1. JPMC, a bank that held debt secured by the property, agreed to accept an amount of the sale proceeds less than the balance due in full satisfaction of the debt. In 2013, WF, another bank, agreed to cancel debt secured by Property 2, which Ps used as their principal residence. For…
2Cases cited5 opinions
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- Bradley v. CommissionerUnited States Tax Court · 1993
- Cropland Chem. Corp. v. CommissionerUnited States Tax Court · 1980
- Renkemeyer, Campbell & Weaver, LLP v. CommissionerUnited States Tax Court · 2011
- McLauchlan v. Comm'rUnited States Tax Court · 2011