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What is Cottage Savings v. Commissioner Tax Case about?
Cottage Savings Association exchanged participation interests in 252 mortgages for participation interests in 305 other mortgages from four other savings and loan associations. Cottage Savings claimed a tax deduction for the losses from the exchange. The Supreme Court ruled that Cottage Savings realized tax-deductible losses because the properties exchanged were materially different, as they derived from loans made to different obligors and secured by different homes. Therefore, Cottage Savings realized its
- Author
- KT
- Language
- EN