Easson v. Commissioner
United States Tax Court
1. Individual petitioner transferred property subject to a mortgage to a controlled corporation. Held, that portion of the gain equal to excess of the mortgage over his adjusted basis on the transferred property does not qualify for nonrecognition under section 112(b)(5), I.R.C. 1939. 2. Remainder of the gain qualifies for nonrecognition under section 112(b)(5) and (k). 3. Portion of his gain to be treated as ordinary income under section 117(o) determined. 4. The…
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1. Individual petitioner transferred property subject to a mortgage to a controlled corporation. Held, that portion of the gain equal to excess of the mortgage over his adjusted basis on the transferred property does not qualify for nonrecognition under section 112(b)(5), I.R.C. 1939. 2. Remainder of the gain qualifies for nonrecognition under section 112(b)(5) and (k). 3. Portion of his gain to be treated as ordinary income under section 117(o) determined. 4. The recognition of gain to the individual petitioner on the exchange of the property for all the capital stock of a controlled…
1Opinion of the Court
Jack L. Easson, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Easson v. Commissioner
Docket Nos. 67201, 67457, 67508
United States Tax Court
33 T.C. 963; 1960 U.S. Tax Ct. LEXIS 195;
February 29, 1960, Filed
Decisions will be entered under Rule 50.
1. Individual petitioner transferred property subject to a mortgage to a controlled corporation. Held, that portion of the gain equal to excess of the mortgage over his adjusted basis on the transferred property does not qualify for nonrecognition under section 112(b)(5), I.R.C. 1939.
2. Remainder of the gain qualifies for…
Also in this document: Dissent.
2Cases cited22 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Church of the Holy Trinity v. United StatesSupreme Court of the United States · 1892
- Crane v. CommissionerSupreme Court of the United States · 1947
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
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