Harbor Bldg. Trust v. Commissioner
United States Tax Court
1. H corporation owned land and a building on which it placed first, second, and third mortgages. After default on the third mortgage, it was foreclosed and the property was sold in April 1928. It was bought and operated by nominees of the third mortgagee. In August 1930, after default on the first mortgage, the trustees thereunder entered the property and took over its operation preliminary to effecting foreclosure.
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1. H corporation owned land and a building on which it placed first, second, and third mortgages. After default on the third mortgage, it was foreclosed and the property was sold in April 1928. It was bought and operated by nominees of the third mortgagee. In August 1930, after default on the first mortgage, the trustees thereunder entered the property and took over its operation preliminary to effecting foreclosure. The property continued to be operated by trustees under the first mortgage until January 1939 when it was sold to petitioner pursuant to a court decree foreclosing the first…
1Opinion of the Court
Harbor Building Trust, Robert L. Moore, Trustee, a Trust Organized under the Laws of the Commonwealth of Massachusetts by a Declaration of Trust Dated January 6, 1939, Petitioner, v. Commissioner of Internal Revenue, Respondent
Harbor Bldg. Trust v. Commissioner
Docket No. 20077
United States Tax Court
16 T.C. 1321; 1951 U.S. Tax Ct. LEXIS 164;
June 12, 1951, Promulgated
Decision will be entered under Rule 50.
1. H corporation owned land and a building on which it placed first, second, and third mortgages. After default on the third mortgage, it was foreclosed and the property was sold in April…
2Cases cited16 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. AndersonSupreme Court of the United States · 1926
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Continental Tie & Lumber Co. v. United StatesSupreme Court of the United States · 1932
- Helvering v. Cement Investors, Inc.Supreme Court of the United States · 1942
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