Derby Realty Corp. v. Commissioner
United States Board of Tax Appeals
Petitioner was the legal owner and mortgagor of certain real estate in Michigan, which was sold under foreclosure in 1930 but in respect of which the mortgagor under local law retained for one year from the date of the foreclosure sale the right to redeem, the right of possession, and other rights of substance. Held, that the deductible loss resulting to petitioner from the mortgage foreclosure was sustained in 1931 when the right to redeem expired, not in 1930.
1Opinion of the Court
DERBY REALTY CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Derby Realty Corp. v. Commissioner
Docket No 81213.
United States Board of Tax Appeals
35 B.T.A. 335; 1937 BTA LEXIS 886;
January 27, 1937, Promulgated
Petitioner was the legal owner and mortgagor of certain real estate in Michigan, which was sold under foreclosure in 1930 but in respect of which the mortgagor under local law retained for one year from the date of the foreclosure sale the right to redeem, the right of possession, and other rights of substance. Held, that the deductible loss resulting to…
2Cases cited13 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Tyler v. United StatesSupreme Court of the United States · 1930
- Burk-Waggoner Oil Assn. v. HopkinsSupreme Court of the United States · 1925
- Gage v. SanbornMichigan Supreme Court · 1895
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