Maddox v. Commissioner
United States Tax Court
Petitioners owned, in whole or part, several parcels of real property each incumbered with a mortgage and/or trust deed. The terms of each escrow, upon sale of said parcels, provided that the respective purchaser was to obtain a new loan secured by the property, the proceeds to be applied to pay off petitioners' existing mortgage and/or trust deed.
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Petitioners owned, in whole or part, several parcels of real property each incumbered with a mortgage and/or trust deed. The terms of each escrow, upon sale of said parcels, provided that the respective purchaser was to obtain a new loan secured by the property, the proceeds to be applied to pay off petitioners' existing mortgage and/or trust deed. Petitioners never had any obligation or liability under the new financing and maintained no proprietary interest in the parcels following the closing of the respective escrows. Held: The substitution through escrows of new mortgages for existing…
1Opinion of the Court
OPINION
Sterrett, Judge:
Respondent determined deficiencies in petitioners’ Federal income taxes for the calendar years 1972 and 1973 in the amounts of $14,000 and $20,714, respectively. Due to concessions1 by the parties the sole remaining issue for decision is whether petitioners received 30 percent or less of the selling prices in the year of sale of several parcels of real property, entitling them to report their gains on the installment method under section 453,1.R.C. 1954.2
This case was submitted under Rule 122, Tax Court Rules of Practice and Procedure, hence all of the facts have been…
2Cases cited9 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Stonecrest Corp. v. CommissionerUnited States Tax Court · 1955
- Wagegro Corp. v. CommissionerUnited States Board of Tax Appeals · 1938
- Hammond v. CommissionerUnited States Tax Court · 1942
- Waldrep v. CommissionerUnited States Tax Court · 1969
4 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Professional Equities v. CommissionerUnited States Tax Court · 1987
- Sallies v. CommissionerUnited States Tax Court · 1984
- Coffin v. CommissionerUnited States Tax Court · 1982
- Hutchison v. CommissionerUnited States Tax Court · 1981
- Kucklick v. CommissionerUnited States Tax Court · 1984
5 more not listed; retrieve them via the Exa API.