McShain v. Commissioner
United States Tax Court
Held, under the facts and circumstances of this case, a second leasehold mortgage note had no ascertainable fair market value in 1970 for purposes of determining whether there was a gain on a sale within the meaning of sec. 1001, I.R.C. 1954.
1Opinion of the Court
Simpson, Judge:
The Commissioner determined deficiencies in the petitioners’ Federal income taxes as follows:
Year Deficiency
1967 . $654,059.86
1969 . 52,706.03
1970 . 1,685,711.49
Most of the issues have been settled,'conceded, or previously decided by this Court. McShain v. Commissioner, 68 T.C. 154 (1977); McShain v. Commissioner, 65 T.C. 686 (1976). The issue remaining for decision is whether a second leasehold mortgage note had an ascertainable fair market value in 1970 for purposes of determining whether there was a gain on a sale within the meaning of section 1001, I.R.C. 1954.1 In view of…
2Cases cited24 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Estate of J. A. Kreis, Deceased, Herbert Clark, Executors v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1955
- Bedell v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1929
- Fred M. Waring and Virginia Waring v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1969
- Louis F. Grill and Joan Myers Grill, and Joan Myers (Formerly Joan Selznick) v. The United States. Florence A. Selznick v. The United StatesUnited States Court of Claims · 1962
19 more not listed; retrieve them via the Exa API.
3Cited by60 opinions
- E.A. Brannen and Frances K. Brannen v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1984
- Brannen v. CommissionerUnited States Tax Court · 1982
- Narver v. CommissionerUnited States Tax Court · 1980
- Lio v. CommissionerUnited States Tax Court · 1985
- Estate of Jung v. CommissionerUnited States Tax Court · 1993
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