Hughes v. Commissioner
United States Tax Court
Petitioners agreed to convey to WRI the lot on which their principal dwelling house was situated and to remove the dwelling therefrom. In exchange, they received $ 20,000 in cash and the right to possess, for their lives, certain other residential property nearby owned by WRI, which interest had a value of $ 36,588. Petitioners moved into the latter residence and thereafter continued to occupy it as their only place of abode.
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Petitioners agreed to convey to WRI the lot on which their principal dwelling house was situated and to remove the dwelling therefrom. In exchange, they received $ 20,000 in cash and the right to possess, for their lives, certain other residential property nearby owned by WRI, which interest had a value of $ 36,588. Petitioners moved into the latter residence and thereafter continued to occupy it as their only place of abode. At or about the same time, they purchased another lot and moved their former dwelling to that location. Held, none of the gain realized on the exchange of the lot…
1Opinion of the Court
Stuart M. Hughes and Genevieve O. Hughes, Petitioners v. Commissioner of Internal Revenue, Respondent
Hughes v. Commissioner
Docket No. 1252-68
United States Tax Court
54 T.C. 1049; 1970 U.S. Tax Ct. LEXIS 136;
May 21, 1970, Filed
Decision will be entered under Rule 50.
Petitioners agreed to convey to WRI the lot on which their principal dwelling house was situated and to remove the dwelling therefrom. In exchange, they received $ 20,000 in cash and the right to possess, for their lives, certain other residential property nearby owned by WRI, which interest had a value of $ 36,588. Petitioners moved…
2Cases cited8 opinions
- Standard Linen Service, Inc. v. CommissionerUnited States Tax Court · 1959
- Willow Terrace Dev. Co. v. CommissionerUnited States Tax Court · 1963
- Wooten v. CommissionerUnited States Tax Court · 1949
- O'Barr v. CommissionerUnited States Tax Court · 1965
- Samuel E. Bogley and Anita C. Bogley v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1959
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