Biggs v. Commissioner
United States Tax Court
T orally agreed to sell his Maryland farm to P for $ 900,000; as part of the consideration, T was to receive like kind property. Subsequently, T located a Virginia farm which he wished to receive in exchange, arranged for title to the Virginia farm to be transferred to C, and advanced the necessary funds.
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T orally agreed to sell his Maryland farm to P for $ 900,000; as part of the consideration, T was to receive like kind property. Subsequently, T located a Virginia farm which he wished to receive in exchange, arranged for title to the Virginia farm to be transferred to C, and advanced the necessary funds. Later, P contracted to buy the Virginia farm from C. On the following day, by written contract, T agreed to transfer the Maryland farm to P, and P assigned his right to purchase the Virginia farm to T. At the closing of these transactions, T conveyed his Maryland farm to P's assigns and…
1Opinion of the Court
Simpson, Judge:
The Commissioner determined a deficiency of $5,261.42 in the petitioner’s Federal income tax for 1969. The sole issue remaining for decision is whether the petitioner’s transfer of real property situated in Maryland and receipt of real property situated in Virginia constituted an exchange within the meaning of section 1031 of the Internal Revenue Code of 1954.1
FINDINGS OF FACT
Some of the facts have been stipulated, and those facts are so found.
The petitioner, Franklin B. Biggs, maintained his legal residence in Florida at the time he filed his petition in this case. He filed…
2Cases cited20 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Weiss v. StearnSupreme Court of the United States · 1924
- June Pinson Carlton and Charles T. Carlton, as Administrators of the Estate of Thad H. Carlton, and June Carlton v. United StatesCourt of Appeals for the Fifth Circuit · 1967
15 more not listed; retrieve them via the Exa API.
3Cited by56 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- T. J. Starker v. United StatesCourt of Appeals for the Ninth Circuit · 1979
- Franklin B. Biggs v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1980
- Koch v. CommissionerUnited States Tax Court · 1978
- Adams v. CommissionerUnited States Tax Court · 1978
51 more not listed; retrieve them via the Exa API.