Murray v. Commissioner
United States Tax Court
1. Petitioner mortgaged a piece of business property in 1932 as security for a loan of $ 64,000. The mortgagees foreclosed and transferred the property to third parties in 1936. In 1937, petitioner instituted suit in an Oregon court claiming a right to redeem the property from the third parties, and in 1942, the Oregon Supreme Court held that the petitioner had an equity of redemption and that the third parties were mortgagees in possession, holding the property for the…
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1. Petitioner mortgaged a piece of business property in 1932 as security for a loan of $ 64,000. The mortgagees foreclosed and transferred the property to third parties in 1936. In 1937, petitioner instituted suit in an Oregon court claiming a right to redeem the property from the third parties, and in 1942, the Oregon Supreme Court held that the petitioner had an equity of redemption and that the third parties were mortgagees in possession, holding the property for the benefit of the petitioner. After an accounting, it was determined in 1947 that petitioner was entitled to credit toward…
1Opinion of the Court
OPINION.
Arundell, Judge:
This proceeding involves deficiencies for the years 1946 and 1947. The basic issue involved in the controversy over 1946 concerns the proper basis for determining the gain from stock sold by the petitioner in that year. This matter has now been settled by agreement between the parties and it has been stipulated that the securities had an adjusted basis of $5,000 when they were sold by petitioner. Adjustment of the deficiency for 1946 caused by our decision on the issues concerning 1947 can be effected through a computation under Kule 50.
The principal issue involves the…
2Cases cited7 opinions
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Swastika Oil & Gas Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1941
- Commissioner of Int. Rev. v. Penn Athletic Club Bldg.Court of Appeals for the Third Circuit · 1949
- Commissioner of Internal Rev. v. F. & R. Lazarus & Co.Court of Appeals for the Sixth Circuit · 1939
- Hilpert v. CommissionerUnited States Tax Court · 1944
2 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Ruoff v. CommissionerUnited States Tax Court · 1958
- State Fish Corp. v. CommissionerUnited States Tax Court · 1967
- J. I. Morgan, Inc. v. CommissionerUnited States Tax Court · 1958
- E. J. Murray v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1956
- Fogle v. CommissionerUnited States Tax Court · 1966
9 more not listed; retrieve them via the Exa API.