Seerley v. Commissioner
United States Board of Tax Appeals
Petitioner owned lands in a drainage district which had issued bonds which were in default in 1932. Petitioner conveyed the lands in 1932 to trustees of a trust created to liquidate the property to pay the debt on the bonds. He was entitled to receive certificates of interest and to receive payment thereon from any surplus from the liquidation. In 1935 petitioner assigned his certificates of interest to another.
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Petitioner owned lands in a drainage district which had issued bonds which were in default in 1932. Petitioner conveyed the lands in 1932 to trustees of a trust created to liquidate the property to pay the debt on the bonds. He was entitled to receive certificates of interest and to receive payment thereon from any surplus from the liquidation. In 1935 petitioner assigned his certificates of interest to another. Upon the facts, held, that the conveyance in 1932 was not a closed transaction determining loss in that year; that it was not a sale or exchange of a capital asset; that the trust was…
1Opinion of the Court
JOHN J. SEERLEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Seerley v. Commissioner
Docket No. 97673.
United States Board of Tax Appeals
43 B.T.A. 50; 1940 BTA LEXIS 857;
December 10, 1940, Promulgated
Petitioner owned lands in a drainage district which had issued bonds which were in default in 1932. Petitioner conveyed the lands in 1932 to trustees of a trust created to liquidate the property to pay the debt on the bonds. He was entitled to receive certificates of interest and to receive payment thereon from any surplus from the liquidation. In 1935 petitioner assigned his…
2Cases cited12 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Hawkins v. CommissionerUnited States Board of Tax Appeals · 1936
- Spring Creek Drainage District v. Elgin, Joliet & Eastern Railway Co.Illinois Supreme Court · 1911
- Commonwealth, Inc. v. CommissionerUnited States Board of Tax Appeals · 1937
- Derby Realty Corp. v. CommissionerUnited States Board of Tax Appeals · 1937
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