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Commissioner v. Tufts, 461 U.S. 300 (1983), was a unanimous decision by the United States Supreme Court, which held that when a taxpayer sells or disposes of property encumbered by a nonrecourse obligation exceeding the fair market value of the property sold, the Commissioner of Internal Revenue may require him to include in the “amount realized” the outstanding amount of the obligation ...
How much you pay to a real estate agent to buy or sell a home is likely to go down after a victory for consumers in a federal trial in Missouri earlier this week.. A jury in a case against the ...
Generally, "like kind" in terms of real estate, means any property that is classified real estate in any of the 50 U.S. states or Washington, D.C., and in some cases, the U.S. Virgin Islands. Taxpayers who hold real estate as inventory, or who purchase real estate for re-sale, are considered "dealers".
The Court held unanimously that a Louisville, Kentucky, city ordinance prohibiting the sale of real property to blacks in white-majority neighborhoods or buildings and vice versa violated the Fourteenth Amendment's protections for freedom of contract. The ruling of the Kentucky Court of Appeals was thus reversed.
The Rule in Shelley's Case is a rule of law that may apply to certain future interests in real property and trusts created in common law jurisdictions. [1]: 181 It was applied as early as 1366 in The Provost of Beverly's Case [1]: 182 [2] but in its present form is derived from Shelley's Case (1581), [3] in which counsel stated the rule as follows:
The state’s Second District Court of Appeal affirmed the lower court’s summary judgment ruling and found the health club would not be entitled to a refund of its lease payments made during the ...
Closing is a sales term which refers to the process of making a sale. The sales sense springs from real estate, where closing is the final step of a transaction. In sales, it is used more generally to mean achievement of the desired outcome, which may be an exchange of money or acquiring a signature. Salespeople are often taught to think of ...
Nov. 16—The city of Santa Fe is asking a judge to dismiss a lawsuit seeking to overturn the new tax on high-end home sales approved by voters earlier this month. In a court filing Monday, City ...