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:
“The same people who are murdered slowly in the mechanized slaughterhouses of work are also arguing, singing, drinking, dancing, making love, holding the streets, picking up weapons and inventing a new poetry.”
—Raoul Vaneigem (b. 1934)
“The child hand raised to reach the holding hand. Hold the old holding hand. Hold and be held.”
—Samuel Beckett (1906–1989)
“I have often repented speaking, but never of holding my tongue.”
—Xenocrates (396–315 B.C.)