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Income Tax Keyed to Graetz
Cottage Savings Ass’n v. Commissioner
Citation:
499 U.S. 554 (1991)Facts
The case involved Cottage Savings Association (Cottage Savings), a savings and loans association (S & L) which sold 90% participation interests to four other S & L’s and simultaneously purchased 90% participation interests for approximately the same amount, $4.5 million. Cottage Savings claimed a $2.4m deduction for the difference between the face value of the participation interests sold ($6.4m) and the fair market value of the interests received ($4.5m). The Commissioner of Internal Revenue rejected this deduction claimed by Cottage Savings, arguing that no realization event took place as the property exchanged between the taxpayer and the other parties was not materially different.
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