Voight v. Commissioner
United States Tax Court
Petitioners sold real property, the mortgages on which exceeded petitioners' adjusted basis, under an installment contract. The purchaser guaranteed payment of the mortgages to the mortgagee but did not expressly assume the mortgages. Pursuant to an option granted in the contract, the purchaser paid the part of the selling price attributable to the mortgage directly to the mortgagee.
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Petitioners sold real property, the mortgages on which exceeded petitioners' adjusted basis, under an installment contract. The purchaser guaranteed payment of the mortgages to the mortgagee but did not expressly assume the mortgages. Pursuant to an option granted in the contract, the purchaser paid the part of the selling price attributable to the mortgage directly to the mortgagee. Held, the purchaser assumed the mortgages within the meaning of sec. 1.453-4(c), Income Tax Regs., with the result that payments in the year of sale included the excess of the mortgages over the petitioners'…
1Opinion of the Court
Floyd J. Voight and Marion C. Voight, Petitioners v. Commissioner of Internal Revenue, Respondent; Floyd J. Voight and C. Lorraine Perk Voight, Petitioners v. Commissioner of Internal Revenue, Respondent
Voight v. Commissioner
Docket Nos. 4565-74, 7014-75
United States Tax Court
68 T.C. 99; 1977 U.S. Tax Ct. LEXIS 116;
April 27, 1977, Filed
Decisions will be entered under Rule 155.
Petitioners sold real property, the mortgages on which exceeded petitioners' adjusted basis, under an installment contract. The purchaser guaranteed payment of the mortgages to the mortgagee but did not expressly assume…
2Cases cited13 opinions
- Burnet v. S. & L. Building Corp.Supreme Court of the United States · 1933
- Continental Bank & Trust Co. v. AkwaWisconsin Supreme Court · 1973
- Stonecrest Corp. v. CommissionerUnited States Tax Court · 1955
- Estate of Lamberth v. CommissionerUnited States Tax Court · 1958
- Waldrep v. CommissionerUnited States Tax Court · 1969
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