Rubenstein v. Commissioner
United States Tax Court
For many years P has lived with and cared for his father in Florida. In 2003 P's father, who was insolvent and had substantial unpaid income tax liabilities, transferred to P, for little or no consideration, the condominium in which they both resided. The IRS had previously determined, for purposes of calculating his reasonable collection potential, that P's father had zero net equity value in the condominium.
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For many years P has lived with and cared for his father in Florida. In 2003 P's father, who was insolvent and had substantial unpaid income tax liabilities, transferred to P, for little or no consideration, the condominium in which they both resided. The IRS had previously determined, for purposes of calculating his reasonable collection potential, that P's father had zero net equity value in the condominium. After the transfer R determined that pursuant to sec. 6901, I.R.C., P has transferee liability equal to the condominium's fair market value as of the date of the transfer. R contends…
1Opinion of the Court
Thornton, Judge:
Respondent determined that pursuant to section 6901 petitioner has transferee liability of $44,681, plus interest as provided by law, arising from his father’s transfer to him of a Florida condominium. Petitioner contends and respondent does not appear to dispute that the condominium qualified for homestead exemption under Florida law. The issues for decision are: (1) Whether the transfer was constructively fraudulent pursuant to section 726.106(1) or (2) of Florida’s Uniform Fraudulent Transfer Act (FUFTA), codified at Fla. Stat. Ann. secs. 726.101 to 726.112 (West 2000); and…
2Cases cited27 opinions
- United States v. RodgersSupreme Court of the United States · 1983
- United States v. National Bank of CommerceSupreme Court of the United States · 1985
- Commissioner v. SternSupreme Court of the United States · 1958
- Sergeant Perry Watkins v. United States ArmyCourt of Appeals for the Ninth Circuit · 1989
- Estate of Emerson v. CommissionerUnited States Tax Court · 1977
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3Cited by2 opinions
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