First Equitable Realty III, Ltd. v. Grandview Palace Condo Assoc., Inc.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• “The general theory is that to the extent that a taxpayer has been released from indebtedness, he has realized an accession to indome because the cancellation effects a freeing of assets previously offset by the liability arising from such indebtedness.”
• an accession to income due to a freeing of assets
• an accession to income due to a freeing of assets
• “The general theory is that to the extent that a taxpayer has been released from indebtedness, he has realized an accession to income because the cancellation effects a freeing of assets previously offset by the liability arising from such indebtedness.”
• an accession to income due to a freeing of assets
• where it is impossible to identify one, and only one event, that clearly fixes the time of a discharge of indebtedness, the burden is on the taxpayer to prove that the event determined by the Commissioner to fix the time is unreasonable

Source: CourtListener parenthetical corpus (CC0).