Aagaard v. Commissioner
United States Tax Court
Petitioners entered into a number of real estate transactions in 1964, the tax consequences of which are in dispute. Moreover, respondent disallowed all but one-twelfth of certain real estate taxes petitioners paid and deducted on their tax return for 1965. Although they did not take such a deduction on their tax return for 1965, petitioners also alleged for the first time in their petition that they were entitled to deduct $ 5,000 as a result of the worthlessness of certain…
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Petitioners entered into a number of real estate transactions in 1964, the tax consequences of which are in dispute. Moreover, respondent disallowed all but one-twelfth of certain real estate taxes petitioners paid and deducted on their tax return for 1965. Although they did not take such a deduction on their tax return for 1965, petitioners also alleged for the first time in their petition that they were entitled to deduct $ 5,000 as a result of the worthlessness of certain stock. Held, under sec. 1034(a) petitioners are entitled to defer recognition of $ 926.81 in gain realized on the…
1Opinion of the Court
Robert W. Aagaard & Margery B. Aagaard, Petitioners v. Commissioner of Internal Revenue, Respondent
Aagaard v. Commissioner
Docket No. 5907-67
United States Tax Court
56 T.C. 191; 1971 U.S. Tax Ct. LEXIS 139;
April 28, 1971, Filed
Decision will be entered under Rule 50.
Petitioners entered into a number of real estate transactions in 1964, the tax consequences of which are in dispute. Moreover, respondent disallowed all but one-twelfth of certain real estate taxes petitioners paid and deducted on their tax return for 1965. Although they did not take such a deduction on their tax return for 1965,…
2Cases cited20 opinions
- Boehm v. CommissionerSupreme Court of the United States · 1945
- Stolk v. CommissionerUnited States Tax Court · 1963
- Hoover v. CommissionerUnited States Tax Court · 1959
- Ruge v. Comm'rUnited States Tax Court · 1956
- Paul v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
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