Holding
The U.S. Court of Appeals for the Ninth Circuit in Warren Jones Co. v. Commissioner of Internal Revenue, 524 F.2d 788 reversed a U.S. Tax Court decision that held that “the fair market value of a real estate contract did not constitute an amount realized by the taxpayer in the taxable year of sale under Internal Revenue Code § 1001(b).” The Court of Appeals held “that the real estate had a certain fair market value that was ascertainable and that the taxpayer had to include that fair market value to determine the amount realized under § 1001(b)."
Read more about this topic: Warren Jones Co. V. Commissioner Of Internal Revenue
Famous quotes containing the word holding:
“I have often repented speaking, but never of holding my tongue.”
—Xenocrates (396–315 B.C.)
“For support, I fall back on my heart. Has a man any fault a woman cannot weave with and try to change into something better, if the god her man prays to is a mother holding a baby?”
—Haniel Long (1888–1956)
“... Washington was not only an important capital. It was a city of fear. Below that glittering and delightful surface there is another story, that of underpaid Government clerks, men and women holding desperately to work that some political pull may at any moment take from them. A city of men in office and clutching that office, and a city of struggle which the country never suspects.”
—Mary Roberts Rinehart (1876–1958)