Penn Athletic Club Bldg. v. Commissioner
United States Tax Court
The petitioner, mortgagee-trustee for bondholders, after default and pursuant to a remedy provided in the mortgage, giving it a right to demand and receive a conveyance of the property and lease the same and apply proceeds upon the mortgage and expenses, gave such notice and received a deed to the property from the owner containing the usual expressions of absolute conveyance, but providing that the mortgage should continue in effect and title not merge with the mortgage.
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The petitioner, mortgagee-trustee for bondholders, after default and pursuant to a remedy provided in the mortgage, giving it a right to demand and receive a conveyance of the property and lease the same and apply proceeds upon the mortgage and expenses, gave such notice and received a deed to the property from the owner containing the usual expressions of absolute conveyance, but providing that the mortgage should continue in effect and title not merge with the mortgage. The debt was released. The parties did not intend the conveyance as absolute. The conveyance was necessary in order to…
1Opinion of the Court
Penn Athletic Club Building, Girard Trust Company, Trustee for First Mortgage Bondholders, Petitioner, v. Commissioner of Internal Revenue, Respondent
Penn Athletic Club Bldg. v. Commissioner
Docket No. 9007
United States Tax Court
10 T.C. 919; 1948 U.S. Tax Ct. LEXIS 180;
May 24, 1948, Promulgated
Decision of no deficiency will be entered as to each taxable year.
The petitioner, mortgagee-trustee for bondholders, after default and pursuant to a remedy provided in the mortgage, giving it a right to demand and receive a conveyance of the property and lease the same and apply proceeds upon the…
Also in this document: Dissent.
2Cases cited18 opinions
- Freuler v. HelveringSupreme Court of the United States · 1934
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Peugh v. DavisSupreme Court of the United States · 1878
- Mahoney v. BostwickCalifornia Supreme Court · 1892
- Holmberg v. Hardee TrusteesSupreme Court of Florida · 1925
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