Warren Jones Co. v. Commissioner
United States Tax Court
Petitioner, a cash basis taxpayer, sold an apartment building in 1968 for a total price of $ 153,000, receiving a downpayment of $ 20,000 and the contractual right to receive $ 1,000 per month plus 8-percent interest. The remaining balance was to be paid at the end of 15 years. During 1968 petitioner received $ 24,000, which included the downpayment, with $ 20,457.84 allocable to principal.
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Petitioner, a cash basis taxpayer, sold an apartment building in 1968 for a total price of $ 153,000, receiving a downpayment of $ 20,000 and the contractual right to receive $ 1,000 per month plus 8-percent interest. The remaining balance was to be paid at the end of 15 years. During 1968 petitioner received $ 24,000, which included the downpayment, with $ 20,457.84 allocable to principal. Its basis in the property at the time of sale was $ 61,913.34. On its Federal income tax return for 1968 petitioner did not report any gain from the sale, but elected, in the alternative, to use the…
1Opinion of the Court
Warren Jones Company, Petitioner v. Commissioner of Internal Revenue, Respondent
Warren Jones Co. v. Commissioner
Docket No. 424-71
United States Tax Court
60 T.C. 663; 1973 U.S. Tax Ct. LEXIS 83; 60 T.C. No. 70;
August 7, 1973, Filed
Decision will be entered under Rule 50.
Petitioner, a cash basis taxpayer, sold an apartment building in 1968 for a total price of $ 153,000, receiving a downpayment of $ 20,000 and the contractual right to receive $ 1,000 per month plus 8-percent interest. The remaining balance was to be paid at the end of 15 years. During 1968 petitioner received $ 24,000, which…
Also in this document: Concurrence; Dissent · Tannenwald; Dissent · Quealy.
2Cases cited23 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Albert Gersten, Myron P. Beck and Ann H. Beck, Milton Gersten and Mary Gersten v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
- Johnston v. CommissionerUnited States Tax Court · 1950
- Underhill v. CommissionerUnited States Tax Court · 1966
- Darby Investment Corporation v. Commissioner or Internal RevenueCourt of Appeals for the Sixth Circuit · 1963
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