Legal Opinion
Cottage Savings Assn. v. Commissioner
Supreme Court of the United States
Decided April 17, 1991No. 89-1965PublishedCited by 189 opinions
1Opinion of the CourtJustice Marshall
The issue in this case is whether a financial institution realizes tax-deductible losses when it exchanges its interests in one group of residential mortgage loans for another lender’s interests in a different group of residential mortgage loans. We hold that such a transaction does give rise to realized losses.
I
Petitioner Cottage Savings Association (Cottage Savings) is a savings and loan association (S & L) formerly regulated by the Federal Home Loan Bank Board (FHLBB).1 Like many S & L’s, Cottage Savings held numerous long-term, low-interest mortgages that declined in value when interest…
2Cases cited17 opinions
- Pierce v. UnderwoodSupreme Court of the United States · 1988
- Udall v. TallmanSupreme Court of the United States · 1965
- Cannon v. University of ChicagoSupreme Court of the United States · 1979
- Lorillard v. PonsSupreme Court of the United States · 1978
- Eisner v. MacOmberSupreme Court of the United States · 1920
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3Cited by189 opinions
- Williams v. TaylorSupreme Court of the United States · 2000
- Johnson v. Home State BankSupreme Court of the United States · 1991
- Bryant v. Avado Brands, Inc.Court of Appeals for the Eleventh Circuit · 1999
- In Re: Comshare, Incorporated Securities Litigation. Harry M. Hoffman v. Comshare, Inc.Court of Appeals for the Sixth Circuit · 1999
- American Bankers Insurance Group v. United StatesCourt of Appeals for the Eleventh Circuit · 2005
184 more not listed; retrieve them via the Exa API.