Fasken v. Commissioner
United States Tax Court
Held, petitioners realized taxable gain on the granting of four easements in respect of their ranch property, and the gain is to be computed by applying the consideration they received against the portion of their adjusted basis for the ranch which is allocable to the acreage covered by the easements.
1Opinion of the Court
David Fasken and Barbara T. Fasken, Petitioners v. Commissioner of Internal Revenue, Respondent; Estate of Inez G. Fasken, Deceased, David Fasken, Independent Executor, Petitioner v. Commissioner of Internal Revenue, Respondent
Fasken v. Commissioner
Docket Nos. 5823-77, 5824-77
United States Tax Court
71 T.C. 650; 1979 U.S. Tax Ct. LEXIS 188;
January 25, 1979, Filed
Decisions will be entered under Rule 155.
Held, petitioners realized taxable gain on the granting of four easements in respect of their ranch property, and the gain is to be computed by applying the consideration they received against…
2Cases cited22 opinions
- Merrill v. CommissionerUnited States Tax Court · 1963
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Commissioner of Internal Revenue v. RayCourt of Appeals for the Fifth Circuit · 1954
- Ray v. CommissionerUnited States Tax Court · 1952
- Christine L. Pounds as Independent of the Estate of Horace E. Pounds and Christine L. Pounds v. United StatesCourt of Appeals for the Fifth Circuit · 1967
17 more not listed; retrieve them via the Exa API.