Zermeno v. Commissioner
United States Tax Court
Commencing in 1979, P made cash advances to his brother-in-law, M, for the purchase of a restaurant business. From 1980 through 1982, P advanced additional amounts to M for the purchase of the shopping center in which the restaurant was located and to support the restaurant operation. In 1984, P purchased the shopping center from M. In 1985, P sold the shopping center to a third party at a gain.
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Commencing in 1979, P made cash advances to his brother-in-law, M, for the purchase of a restaurant business. From 1980 through 1982, P advanced additional amounts to M for the purchase of the shopping center in which the restaurant was located and to support the restaurant operation. In 1984, P purchased the shopping center from M. In 1985, P sold the shopping center to a third party at a gain. In reporting the gain on the sale of the shopping center, P computed his basis in the property by including the amount listed as "total consideration" in escrow instructions executed by P and M, and…
1Opinion of the Court
BENJAMIN ZERMENO, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Zermeno v. Commissioner
Docket No. 961-90
United States Tax Court
T.C. Memo 1991-550; 1991 Tax Ct. Memo LEXIS 598; 62 T.C.M. (CCH) 1155; T.C.M. (RIA) 91550;
November 4, 1991, Filed
Decision will be entered under Rule 155.
Commencing in 1979, P made cash advances to his brother-in-law, M, for the purchase of a restaurant business. From 1980 through 1982, P advanced additional amounts to M for the purchase of the shopping center in which the restaurant was located and to support the restaurant operation. In 1984, P purchased…
2Cases cited16 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Neely v. CommissionerUnited States Tax Court · 1985
- Bixby v. CommissionerUnited States Tax Court · 1972
- Enoch v. CommissionerUnited States Tax Court · 1972
- Pallottini v. CommissionerUnited States Tax Court · 1988
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