Joe Kelly Butler, Inc. v. Commissioner
United States Tax Court
Petitioner made a bulk sale of assets which included personal property and real property. The real property was encumbered by a mortgage that exceeded the basis of petitioner in the real property. The mortgage was assumed by the purchaser as part of the consideration. Held, for installment reporting purposes, the mortgage in excess of the aggregate basis of all the assets sold is a payment in the year of sale and the sale qualifies for the installment method of reporting.
1Opinion of the Court
Joe Kelly Butler, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Joe Kelly Butler, Inc. v. Commissioner
Docket Nos. 13069-79, 33799-84
United States Tax Court
87 T.C. 734; 1986 U.S. Tax Ct. LEXIS 44; 87 T.C. No. 44;
September 29, 1986, Filed
Decisions will be entered under Rule 155.
Petitioner made a bulk sale of assets which included personal property and real property. The real property was encumbered by a mortgage that exceeded the basis of petitioner in the real property. The mortgage was assumed by the purchaser as part of the consideration. Held, for installment reporting…
2Cases cited17 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- Helvering v. WoodSupreme Court of the United States · 1940
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