Rouse v. Commissioner
United States Tax Court
Petitioner and his wife, domiciled in Texas, entered into an agreement pending divorce proceedings whereby petitioner acquired for $ 60,000 the wife's interest in community property having a value of approximately $ 45,000 and separate property of wife having value of $ 27,000. Held, the basis to petitioner of the property so acquired is $ 60,000 and not the original cost to the community.
1Opinion of the Court
OPINION.
KeRN, Judge-.
The ultimate question for our decision herein is with regard to what basis petitioner is entitled to use in computing his income tax liability arising by reason of his ownership and sale of certain real property which had constituted a part of the community estate held by himself and his former wife and was acquired by petitioner in a settlement of their property rights in connection.with their divorce. The question arises in connection with both gains realized from the sale of some of the property and the allowable deductions for depreciation.
Petitioner contends that he…
2Cases cited4 opinions
- Poe v. SeabornSupreme Court of the United States · 1930
- Arnold v. LeonardTexas Supreme Court · 1925
- Hopkins v. BaconSupreme Court of the United States · 1930
- Wright v. Hays' Adm'rTexas Supreme Court · 1853
3Cited by23 opinions
- George F. Collins, Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1968
- Carrieres v. CommissionerUnited States Tax Court · 1975
- Gerlach v. CommissionerUnited States Tax Court · 1970
- Siewert v. CommissionerUnited States Tax Court · 1979
- Edwards v. CommissionerUnited States Tax Court · 1954
18 more not listed; retrieve them via the Exa API.