Piper v. Commissioner
United States Board of Tax Appeals
1. Petitioner having sold property within the taxable year, receiving cash, a certified or cashier's check and a second mortgage in payment, must include the amounts of such cash and check in the computation of gain or loss therefrom, notwithstanding the check and cash so received were deposited in a banking institution that failed three days after such check was deposited and before she was able to withdraw and make use of the funds so deposited. 2. Id. - The respondent…
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1. Petitioner having sold property within the taxable year, receiving cash, a certified or cashier's check and a second mortgage in payment, must include the amounts of such cash and check in the computation of gain or loss therefrom, notwithstanding the check and cash so received were deposited in a banking institution that failed three days after such check was deposited and before she was able to withdraw and make use of the funds so deposited. 2. Id. - The respondent having used the face value of the mortgage received in the foregoing transaction, less 10 percent, in the determination of…
1Opinion of the Court
*144OPINION.
Moréis:
Subdivisions (a) and (c) of section 202 of the Revenue Act of 1926 provide as follows:(a) Except as hereinafter provided in this section, the gain from the sale or other disposition of property shall be the excess of the amount realized therefrom over the basis provided in subdivision (a) or (b) of section 204, and the loss shall be the excess of such basis over the amount realized.
* ***** *(e) The amount realized from the sale or other disposition of property shall be the sum of any money received plus the fair market value of the property (other than money) received.
*145There are…
2Cited by2 opinions
- Piper v. CommissionerCourt of Appeals for the Fifth Circuit · 1936
- Piper v. CommissionerUnited States Board of Tax Appeals · 1935