Smith v. Commissioner
United States Board of Tax Appeals
In 1929 petitioner purchased two parcels of real estate under land contracts. In one instance petitioner was the original vendee, while in the other he was assignee of the vendee. Under the terms of the contracts he was entitled to possession of the properties and he agreed to enter them for taxation in his own name. After making certain principal payments on the contracts during that year, he defaulted.
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In 1929 petitioner purchased two parcels of real estate under land contracts. In one instance petitioner was the original vendee, while in the other he was assignee of the vendee. Under the terms of the contracts he was entitled to possession of the properties and he agreed to enter them for taxation in his own name. After making certain principal payments on the contracts during that year, he defaulted. In 1935 he surrendered the contracts and his interest in the properties to the vendor in consideration of the vendor's cancellation of his debts under the contracts. Held, that the…
1Opinion of the Court
*894OPINION.
TdrneR:
The respondent contends that the petitioner’s surrender of the two land contracts and his conveyance of his interest in the properties to the vendor by quitclaim deeds, in consideration of ,the vendor’s cancellation of his debts under the contracts, constituted “sales or exchanges” of capital assets within the purview of section 117 of ,the Revenue Act of 1934. He states on brief that we have *895already held in Betty Rogers, 37 B. T. A. 897, that a transaction substantially the same as the transactions here involved constituted a “sale” of a capital asset and the loss sustained…
2Cases cited8 opinions
- Bowen v. LansingMichigan Supreme Court · 1901
- Barnard v. HuffMichigan Supreme Court · 1930
- Chicago Boulevard Land Co. v. Apartment GaragesMichigan Supreme Court · 1929
- Walker v. CasgrainMichigan Supreme Court · 1894
- Conners v. WinansNew York Supreme Court · 1924
3 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Boatman v. CommissionerUnited States Tax Court · 1959
- United States Freight Company and Subsidiaries v. The United StatesUnited States Court of Claims · 1970
- Boatman v. CommissionerUnited States Tax Court · 1959
- Ganopuls v. CommissionerUnited States Board of Tax Appeals · 1939
- Smith v. CommissionerUnited States Board of Tax Appeals · 1939
2 more not listed; retrieve them via the Exa API.