Record Realty Co. v. Commissioner
United States Tax Court
Petitioner's only asset, apartment house property, was mortgaged to secure bonds. Petitioner defaulted in the payment of interest on the bonds and principal. The indenture trustee instituted foreclosure proceedings and a state court entered a decree for foreclosure. That decree was permanently stayed by a Federal District Court, which approved a plan of reorganization of petitioner under section 77-B of the Bankruptcy Act.
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Petitioner's only asset, apartment house property, was mortgaged to secure bonds. Petitioner defaulted in the payment of interest on the bonds and principal. The indenture trustee instituted foreclosure proceedings and a state court entered a decree for foreclosure. That decree was permanently stayed by a Federal District Court, which approved a plan of reorganization of petitioner under section 77-B of the Bankruptcy Act. The approved plan of reorganization resulted in extension of the bonds and the mortgage for 10 years and cancellation of part of petitioner's indebtedness for accrued…
1Opinion of the Court
Record Realty Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Record Realty Co. v. Commissioner
Docket No. 4292
United States Tax Court
6 T.C. 823; 1946 U.S. Tax Ct. LEXIS 220;
April 25, 1946, Promulgated
Decision will be entered for the respondent.
Petitioner's only asset, apartment house property, was mortgaged to secure bonds. Petitioner defaulted in the payment of interest on the bonds and principal. The indenture trustee instituted foreclosure proceedings and a state court entered a decree for foreclosure. That decree was permanently stayed by a Federal District Court,…
2Cases cited1 opinion
- Record Realty Co. v. CommissionerUnited States Tax Court · 1946