Adwood Corp. v. Commissioner
United States Tax Court
1. Basis -- Reorganization -- Section 112 (g) (1) (C). -- Where the original mortgagor (lessee) had lost its interest in the property by cancellation of its lease before the mortgagees started foreclosure, there was no transfer from it to the purchaser at the foreclosure sale within the meaning of section 112 (g) (1) (C) and the petitioner does not take the mortgagor's basis.
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1. Basis -- Reorganization -- Section 112 (g) (1) (C). -- Where the original mortgagor (lessee) had lost its interest in the property by cancellation of its lease before the mortgagees started foreclosure, there was no transfer from it to the purchaser at the foreclosure sale within the meaning of section 112 (g) (1) (C) and the petitioner does not take the mortgagor's basis. Bondholders Committee, Marlborough Investment Company First Mortgage Bonds v. Commissioner, 315 U.S. 189, followed. 2. Basis -- Sections 112 (b) (5) and 113 (a) (8). -- Section 112 (b) (5) does not apply where the…
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined deficiencies for fiscal years ending May 31st as follows:
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The petitioner has alleged that the Commissioner erred (1) in holding that the transaction whereby the petitioner acquired its hotel property does not come within the provisions of section 112 (b) (3), 112 (g) (1) (C), and 112 (b) (5), so that it is entitled to use as its basis for depreciation the cost of the property to Savoy Hotel Co. less depreciation to June 11,1941, and (2) in determining that the cost basis is only $400,000. The facts in the record are there by…
2Cases cited3 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Bondholders Committee v. CommissionerSupreme Court of the United States · 1942
3Cited by9 opinions
- Field v. CommissionerUnited States Tax Court · 1959
- Harbor Building Trust v. CommissionerUnited States Tax Court · 1951
- Coon Run Fuel Co. v. CommissionerUnited States Tax Court · 1953
- Harbor Bldg. Trust v. CommissionerUnited States Tax Court · 1951
- Adwood Corp. v. CommissionerUnited States Tax Court · 1950
4 more not listed; retrieve them via the Exa API.