Callahan v. Commissioner
United States Tax Court
Ps purchased a new residence on June 13, 1975, and on their Federal income tax return for that year, they claimed a credit under sec. 44, I.R.C. 1954, for the purchase of a new residence.
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Ps purchased a new residence on June 13, 1975, and on their Federal income tax return for that year, they claimed a credit under sec. 44, I.R.C. 1954, for the purchase of a new residence. They encountered economic difficulties and sold such residence on April 29, 1977. In attempting to find a new residence, they again encountered economic difficulties and did not purchase one until March 31, 1980. Held, the credit allowed on the purchase of the first residence is subject to recapture since it was sold prematurely and was not replaced timely with another residence.
1Opinion of the Court
AUSTIN J. CALLAHAN and CLARA R. CALLAHAN, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Callahan v. Commissioner
Docket No. 22638-80.
United States Tax Court
T.C. Memo 1982-526; 1982 Tax Ct. Memo LEXIS 221; 44 T.C.M. (CCH) 1114; T.C.M. (RIA) 82526;
September 14, 1982.
Ps purchased a new residence on June 13, 1975, and on their Federal income tax return for that year, they claimed a credit under sec. 44, I.R.C. 1954, for the purchase of a new residence. They encountered economic difficulties and sold such residence on April 29, 1977. In attempting to find a new residence, they again…
2Cases cited4 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Shaw v. CommissionerUnited States Tax Court · 1978
- Powell v. CommissionerUnited States Tax Court · 1980