Guest v. Commissioner
United States Tax Court
Guest contributed real properties subject to nonrecourse indebtednesses in excess of Guest's adjusted bases in the properties to the temple. The temple directed Guest to deed the properties to persons to whom the temple arranged to sell the properties. Held, Guest made a charitable gift of the properties to the temple. Held, further, the gift was complete in the year Guest conveyed deeds to the properties to the temple's purchasers.
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Guest contributed real properties subject to nonrecourse indebtednesses in excess of Guest's adjusted bases in the properties to the temple. The temple directed Guest to deed the properties to persons to whom the temple arranged to sell the properties. Held, Guest made a charitable gift of the properties to the temple. Held, further, the gift was complete in the year Guest conveyed deeds to the properties to the temple's purchasers. Held, further, the gift of the properties to the temple is a bargain sale to the extent the nonrecourse indebtednesses exceeded Guest's adjusted bases in the…
1Opinion of the Court
Hall, Judge:
Respondent determined deficiencies in petitioners’ income tax as follows:
Year Deficiency
1968 .$82,843.65
1969 .249,982.10
1970 .229,412.30
Due to concessions of the parties, the only issues remaining for determination are: (1) Whether petitioners made a completed gift to a charity of certain parcels of real property or whether petitioners gave the proceeds from the sale of the properties; (2) whether petitioners’ charitable contribution was made in 1969 or 1970; and, (3) assuming petitioners made a gift of the properties, (a) whether petitioners realized gain to the extent the…
2Cases cited36 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- Commissioner v. BrownSupreme Court of the United States · 1965
- Helvering v. HammelSupreme Court of the United States · 1941
- Buffalo Tool & Die Mfg. Co. v. CommissionerUnited States Tax Court · 1980
- Taft v. BowersSupreme Court of the United States · 1929
31 more not listed; retrieve them via the Exa API.
3Cited by52 opinions
- Stark v. CommissionerUnited States Tax Court · 1986
- Rauenhorst v. Comm'rUnited States Tax Court · 2002
- Skripak v. CommissionerUnited States Tax Court · 1985
- Ebben v. CommissionerCourt of Appeals for the Ninth Circuit · 1986
- Goldstein v. CommissionerUnited States Tax Court · 1987
47 more not listed; retrieve them via the Exa API.