Shannonhouse v. Commissioner
United States Tax Court
Where taxpayers realized capital gains in 1947 on the sale by warranty deed of income-producing realty, deductions for amounts paid to the purchasers in 1949 in discharge of liabilities for breach of covenants of title to the property are subject to the capital loss provisions of section 117 of the Internal Revenue Code. Arrowsmith v. Commissioner, 344 U.S. 6.
1Opinion of the Court
Estate of James M. Shannonhouse, Deceased, Frances W. Shannonhouse, Executrix, and Frances W. Shannonhouse, Surviving Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent
Shannonhouse v. Commissioner
Docket No. 38718
United States Tax Court
21 T.C. 422; 1953 U.S. Tax Ct. LEXIS 1;
December 31, 1953, Promulgated
Decision will be entered under Rule 50.
Where taxpayers realized capital gains in 1947 on the sale by warranty deed of income-producing realty, deductions for amounts paid to the purchasers in 1949 in discharge of liabilities for breach of covenants of title to the property are…
2Cases cited3 opinions
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Braznell v. CommissionerUnited States Tax Court · 1951
- Shannonhouse v. CommissionerUnited States Tax Court · 1953