Legal Opinion
Warren Jones Company v. Commissioner of Internal Revenue
Court of Appeals for the Ninth Circuit
Decided September 22, 1975No. 74-1531PublishedCited by 33 opinions
1Opinion of the Court
OPINION
Before ELY and HUFSTEDLER, Circuit Judges, and TAYLOR, * Senior District Judge. ELY, Circuit Judge:
During its taxable year ending on October 31, 1968, the Warren Jones Company, a cash basis taxpayer, sold an apartment building for $153,000. In return, the taxpayer received a cash downpayment of $20,000 and the buyer’s promise in a standard form real estate contract, to pay $133,000, plus interest, over the following fifteen years. The Tax Court held, with three judges dissenting, that the fair market value of the real estate contract did not constitute an “amount realized” by the…
2Cases cited19 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Burnet v. LoganSupreme Court of the United States · 1931
- United States v. DavisSupreme Court of the United States · 1962
- Albert Gersten, Myron P. Beck and Ann H. Beck, Milton Gersten and Mary Gersten v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
- Bedell v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1929
14 more not listed; retrieve them via the Exa API.
3Cited by33 opinions
- Estate of Charles T. Franklin, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
- McShain v. CommissionerUnited States Tax Court · 1979
- Campbell v. United StatesUnited States Court of Claims · 1981
- Estate of Wiggins v. CommissionerUnited States Tax Court · 1979
- Principal Life Insurance v. United StatesUnited States Court of Federal Claims · 2006
28 more not listed; retrieve them via the Exa API.