Parker v. Delaney
United States Court of Appeals for the First Circuit
186 F.2d 455 (1950)
- Written by Jessica Rice, JD
Facts
In 1945, a taxpayer (plaintiff) received ownership of a rental property by assuming the defaulted mortgage and paying no cash consideration. During his ownership of the property, the taxpayer paid $13,989.38 in principal payments and incurred $45,280.48 in depreciation. While the mortgage was still in default, the taxpayer reconveyed the mortgage to another by quitclaim deed and received nothing in return. On the taxpayer’s 1945 tax return, he originally paid a long-term capital-gains tax on the disposition of the rental property because of the gain from the depreciation but soon changed his mind and requested a refund from the Internal Revenue Service (IRS) (defendant). Once six months had passed and he had not heard back from the IRS, he sued in district court for the refund. The district court found in favor of the IRS, and the taxpayer appealed.
Rule of Law
Issue
Holding and Reasoning (Fahy, J.)
Concurrence (Magruder, C.J.)
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