Legal Opinion
Joseph B. And Josephine L. Simon v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Joseph B. And Josephine L. Simon
Court of Appeals for the Third Circuit
Decided January 25, 1961No. 13207, 13208PublishedCited by 29 opinions
1Opinion of the Court
STALEY, Circuit Judge.
Does a recognizable gain accrue to a taxpayer where pursuant to a prearranged plan he mortgages real estate and receives therefor an amount in excess of the property’s adjusted basis under Section 111(b) of the Internal Revenue Code of 1939, 1 and shortly thereafter transfers the property without consideration but subject to the mortgage?
The facts as found by the Tax Court, stipulated in part, may be summarized as follows:
In 1941 Joseph B. Simon, petitioner, 8 purchased the RKO Building (“property”) in Philadelphia, Pennsylvania, for $104,220.45. On September 28, 1951,…
2Cases cited14 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Crane v. CommissionerSupreme Court of the United States · 1947
- S. Nicholas Jacobs and Dolores I. Jacobs v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Heil Beauty Supplies, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1952
- Parker v. DelaneyCourt of Appeals for the First Circuit · 1950
9 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- Andrew Gerardo v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1977
- Furman v. CommissionerUnited States Tax Court · 1966
- Johnson v. CommissionerUnited States Tax Court · 1973
- Sparks Nugget, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1972
- Guest v. CommissionerUnited States Tax Court · 1981
24 more not listed; retrieve them via the Exa API.