Schubel v. Commissioner
United States Tax Court
Held, points and other "prepaid finance charges" withheld by the lender may not be deducted by petitioners in the year of borrowing under sec. 461(g)(2), I.R.C. 1954, since they were not "paid" within the taxable year.
1Opinion of the Court
OPINION
Ekman, Judge:
Respondent determined a deficiency of $602 in petitioners’ Federal income tax for the year 1977. Due to a concession by petitioners, the sole issue remaining for our decision is whether amounts withheld as "prepaid finance charges” from a mortgage loan are deductible in the year petitioners received the balance of the mortgage loan proceeds.
This case was submitted fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts and exhibits attached thereto are incorporated herein by this reference.
Petitioners Roger A. \ Schubel…
2Cases cited27 opinions
- Helvering v. PriceSupreme Court of the United States · 1940
- Don E. Williams Co. v. CommissionerSupreme Court of the United States · 1977
- Sandor v. CommissionerUnited States Tax Court · 1974
- Andrew A. Sandor and Jeanne Sandor v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
- G. Douglas Burck and Marjorie W. Burck v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1976
22 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Grodt & McKay Realty, Inc. v. CommissionerUnited States Tax Court · 1981
- Huntsman v. CommissionerUnited States Tax Court · 1988
- Beek v. CommissionerUnited States Tax Court · 1983
- Zidanic v. CommissionerUnited States Tax Court · 1982
- Beek v. CommissionerUnited States Tax Court · 1983
14 more not listed; retrieve them via the Exa API.