Curry v. Commissioner
United States Tax Court
Four adult members of a family transferred income-producing real property to a corporation controlled partly by two of the transferors and partly by a related third person. Held, on the facts, the transaction constituted a bona fide sale; two mortgage notes executed by the corporation represented bona fide indebtedness; the transaction is not governed by section 351, I.R.C. 1954.
1Opinion of the Court
Foreester, Judge:
The respondent has determined deficiencies as follows:
[[Image here]]
Many of the issues raised by the pleadings have been settled. The only issues remaining for decision are (1) whether certain notes issued by the corporate petitioner to some of the individual petitioners represented bona fide indebtedness, and (2) whether the transfer of certain real property to the corporate petitioner is controlled by section 3512 and related sections.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
Petitioners Charles F. and Janet B. Curry (hereinafter referred to as…
2Cases cited21 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Benjamin D. And Madeline Prentice Gilbert, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1959
- Sun Properties, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1955
16 more not listed; retrieve them via the Exa API.
3Cited by44 opinions
- Dunn v. CommissionerUnited States Tax Court · 1978
- Narver v. CommissionerUnited States Tax Court · 1980
- Litton Business Systems, Inc. v. CommissionerUnited States Tax Court · 1973
- Santa Anita Consol., Inc. v. CommissionerUnited States Tax Court · 1968
- Mennuto v. CommissionerUnited States Tax Court · 1971
39 more not listed; retrieve them via the Exa API.