Haag v. Commissioner
United States Tax Court
A corporation which had formerly leased its business property from a stockholder found it necessary to acquire title to the property in order to obtain a $ 150,000 loan. The property which had a fair market value of $ 72,000 was purchased for $ 52,000 of preferred stock and the assumption of a $ 20,000 mortgage.
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A corporation which had formerly leased its business property from a stockholder found it necessary to acquire title to the property in order to obtain a $ 150,000 loan. The property which had a fair market value of $ 72,000 was purchased for $ 52,000 of preferred stock and the assumption of a $ 20,000 mortgage. The stockholder was also given an option to repurchase after the loan was repaid for the same $ 72,000 price despite the fact that one of the conditions of the loan was that at least $ 70,000 be used for building construction, and in fact more than $ 92,000 was spent in additions to…
1Opinion of the Court
William J. Haag and Edith C. Haag, Petitioners, v. Commissioner of Internal Revenue, Respondent; E. B. Sewall Manufacturing Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Haag v. Commissioner
Docket Nos. 91191, 91192
United States Tax Court
40 T.C. 488; 1963 U.S. Tax Ct. LEXIS 106;
June 4, 1963, Filed
Decisions will be entered under Rule 50.
A corporation which had formerly leased its business property from a stockholder found it necessary to acquire title to the property in order to obtain a $ 150,000 loan. The property which had a fair market value of $ 72,000 was purchased…
2Cases cited14 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Commissioner v. LoBueSupreme Court of the United States · 1956
- Commissioner v. SmithSupreme Court of the United States · 1945
- Palmer v. CommissionerSupreme Court of the United States · 1937
- Court Holding Co. v. CommissionerUnited States Tax Court · 1943
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