Dallas Transfer & Terminal Warehouse Co. v. Commissioner
United States Board of Tax Appeals
In 1928 the petitioner transferred to its principal creditor certain real estate in consideration of the cancellation of its indebtedness, which indebtedness was in excess of the petitioner's net equity in the property. Held, the transfer of the real estate constituted a sale upon which the petitioner realized taxable profit in an amount equal to the difference between the depreciated cost of said real estate and the total amount of the canceled indebtedness.
1Opinion of the Court
DALLAS TRANSFER & TERMINAL WAREHOUSE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Dallas Transfer & Terminal Warehouse Co. v. Commissioner
Docket No. 51536, 60182.
United States Board of Tax Appeals
27 B.T.A. 651; 1933 BTA LEXIS 1343;
January 31, 1933, Promulgated
In 1928 the petitioner transferred to its principal creditor certain real estate in consideration of the cancellation of its indebtedness, which indebtedness was in excess of the petitioner's net equity in the property. Held, the transfer of the real estate constituted a sale upon which the petitioner realized…
2Cases cited7 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- United States v. Oregon-Washington R. & Nav. Co.Court of Appeals for the Second Circuit · 1918
- Dallas Transfer & Terminal Warehouse Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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