Waldrep v. Commissioner
United States Tax Court
Petitioners, owners and mortgagors of two adjacent tracts of land sold one of the tracts to Motels, Inc., which, as part of the consideration for the transfer, executed a promissory note secured by a mortgage on the land to the original mortgagees in the amount of petitioners' obligation to them. Held, the improvements on the land were not sold to Motels, Inc.Held, further, Motels, Inc., "assumed" petitioners' mortgages on the land.
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Petitioners, owners and mortgagors of two adjacent tracts of land sold one of the tracts to Motels, Inc., which, as part of the consideration for the transfer, executed a promissory note secured by a mortgage on the land to the original mortgagees in the amount of petitioners' obligation to them. Held, the improvements on the land were not sold to Motels, Inc.Held, further, Motels, Inc., "assumed" petitioners' mortgages on the land. Therefore, petitioners are not entitled to report their gain on the installment method because they received over 30 percent of the selling price in the year of…
1Opinion of the Court
R. A. Waldrep and Ruby Waldrep, Petitioners v. Commissioner of Internal Revenue, Respondent
Waldrep v. Commissioner
Docket No. 2765-67
United States Tax Court
52 T.C. 640; 1969 U.S. Tax Ct. LEXIS 92;
July 17, 1969, Filed
Decision will be entered under Rule 50.
Petitioners, owners and mortgagors of two adjacent tracts of land sold one of the tracts to Motels, Inc., which, as part of the consideration for the transfer, executed a promissory note secured by a mortgage on the land to the original mortgagees in the amount of petitioners' obligation to them. Held, the improvements on the land were not…
2Cases cited7 opinions
- Burnet v. S. & L. Building Corp.Supreme Court of the United States · 1933
- Upchurch v. WestSupreme Court of Alabama · 1937
- Waldrep v. CommissionerUnited States Tax Court · 1969
- Duke v. KilpatrickSupreme Court of Alabama · 1935
- Burns v. AustinSupreme Court of Alabama · 1932
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