Skip to main content
DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Lee v. Bass, 215 S.W.3d 283 (2007)

Citation
Lee v. Bass, 215 S.W.3d 283 (2007)
Parent Document
Lee v. Bass, 215 S.W.3d 283 (2007)
Jurisdiction
Missouri (state)
Effective Date
2007-02-20

Other Sections in This Document (73)

Full Text

458 chars
For tax purposes, the Basses treated the transaction as a rental of real estate, and not as a sale, depreciating the asset, and also treating the mortgage interest as an expense. The record does not reveal whether or how they reported the receipt of the $13,000 at the time of the contract. Rex Lee, in contrast, treated the transaction as a purchase, with a wraparound mortgage, claiming a deduction for the mortgage interest portion of his monthly payment.