Community Bank v. Commissioner
United States Tax Court
Petitioner, a commercial bank, held mortgages on certain properties. Petitioner purchased these properties at nonjudicial foreclosure sales conducted in accordance with State law. Petitioner determined the fair market value of each of the properties to be the bid price.
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Petitioner, a commercial bank, held mortgages on certain properties. Petitioner purchased these properties at nonjudicial foreclosure sales conducted in accordance with State law. Petitioner determined the fair market value of each of the properties to be the bid price. Held, for purposes of determining gain or loss under sec. 1.166-6, Income Tax Regs., the presumption in the regulation that fair market value is equal to the bid price is rebuttable by clear and convincing evidence, regardless of any contrary provisions of State law.
1Opinion of the Court
Community Bank, Petitioner v. Commissioner of Internal Revenue, Respondent
Community Bank v. Commissioner
Docket No. 942-80
United States Tax Court
79 T.C. 789; 1982 U.S. Tax Ct. LEXIS 21; 79 T.C. No. 50;
November 9, 1982, Filed
Petitioner, a commercial bank, held mortgages on certain properties. Petitioner purchased these properties at nonjudicial foreclosure sales conducted in accordance with State law. Petitioner determined the fair market value of each of the properties to be the bid price. Held, for purposes of determining gain or loss under sec. 1.166-6, Income Tax Regs., the presumption in…
2Cases cited7 opinions
- Lyeth v. HoeySupreme Court of the United States · 1938
- Helvering v. Midland Mutual Life InsuranceSupreme Court of the United States · 1937
- Hadley Falls Trust Co. v. United StatesCourt of Appeals for the First Circuit · 1940
- Community Bank v. CommissionerUnited States Tax Court · 1982
- Community Bank v. CommissionerUnited States Tax Court · 1974
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