McGregor v. Ireland

Citations

• 86 Kan. 426
• 121 P. 358
• 1912 Kan. LEXIS 312

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Taxation — Land Contract — Note—Deed in Escrow — Forfeiture Optional. Under a contract for the sale of real estate the purchaser paid a substantial part of the price and agreed to pay the balance in five years with annual interest and was immediately given possession. A deed was executed conveying the title to him and placed in escrow to be delivered upon payment of the balance. The purchaser was to have the right at any time to elect, not to complete the purchase, in which event he was to forfeit all payments made and sur-* render possession, but was not to be liable for any further payments. Held, that the contract is taxable as property of the vendor though not necessarily to be valued at the amount of the purchase price remaining unpaid.</p>