Read Cottage Savings Association v. Commissioner of Internal Revenue, 499 U.S. 554 (1991) and Write an essay answering the following primary questions, :
What are the facts of the case?
What is the issue before the Supreme Court (i.e. the legal question the Court must answer)?
What is the Court’s decision? what is the rationale for the Court’s decision? Use the bulk of your words here.
Address the following ancillary questions, at an appropriate point in your analysis: Normally, each party to a lawsuit wants to raise every possible argument in its favor because you never know
which argument will resonate with the Court. Why doesn’t the Commissioner argue that Cottage Savings had engaged in a §1031 exchange and therefore did not get to recognize a tax loss9 o What is the
Commissioner’s primary argument against Cottage Savings’s ability to recognize a tax loss? How does the Court respond to this argument? Helpful Hints: • Pay attention to the legal authority on
which the Court relies (i.e., the Internal Revenue Code, Treasury Regulations, and prior case law).

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