Garcia v. Commissioner
United States Tax Court
Petitioners exchanged one parcel of real property for another of like kind in a series of exchanges involving three properties, four parties, and various escrow agreements. Held: An exchange qualifying for nonrecognition treatment under sec. 1031(a), I.R.C. 1954, occurred.
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Petitioners exchanged one parcel of real property for another of like kind in a series of exchanges involving three properties, four parties, and various escrow agreements. Held: An exchange qualifying for nonrecognition treatment under sec. 1031(a), I.R.C. 1954, occurred. Where an integrated exchange plan was conceived and implemented and petitioners ultimately received only property in exchange for like-kind property, the interim steps taken to accomplish the exchange do not alter the results. Held, further, petitioners received no taxable "boot" under sec. 1031(b) where the amount of their…
1Opinion of the Court
Hamblen, Judge-.
Respondent determined a deficiency of $24,830 in petitioners’ 1977 Federal income tax. After concessions, the issues for decision are:(1) Whether petitioners’ disposition of one parcel of real property and acquisition of another qualified as a like-kind exchange under section 1031(a).1(2) If so, whether petitioners must recognize any gain on the exchange under section 1031(b).
FINDINGS OF FACT
All of the facts have been stipulated and are found accordingly.
Petitioners Phillip M. Garcia and Deborah H. Garcia, husband and wife, resided in Long Beach, Calif., when they filed their…
2Cases cited19 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Minnesota Tea Co. v. HelveringSupreme Court of the United States · 1938
- T. J. Starker v. United StatesCourt of Appeals for the Ninth Circuit · 1979
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3Cited by18 opinions
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- Fredericks v. CommissionerUnited States Tax Court · 1994
- Carlins v. CommissionerUnited States Tax Court · 1988
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