Biggs v. Commissioner
United States Tax Court
T orally agreed to sell his Maryland farm to P for $ 900,000; as part of the consideration, T was to receive like kind property. Subsequently, T located a Virginia farm which he wished to receive in exchange, arranged for title to the Virginia farm to be transferred to C, and advanced the necessary funds.
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T orally agreed to sell his Maryland farm to P for $ 900,000; as part of the consideration, T was to receive like kind property. Subsequently, T located a Virginia farm which he wished to receive in exchange, arranged for title to the Virginia farm to be transferred to C, and advanced the necessary funds. Later, P contracted to buy the Virginia farm from C. On the following day, by written contract, T agreed to transfer the Maryland farm to P, and P assigned his right to purchase the Virginia farm to T. At the closing of these transactions, T conveyed his Maryland farm to P's assigns and…
1Opinion of the Court
Franklin B. Biggs, Petitioner v. Commissioner of Internal Revenue, Respondent
Biggs v. Commissioner
Docket No. 7272-75
United States Tax Court
69 T.C. 905; 1978 U.S. Tax Ct. LEXIS 158;
March 13, 1978, Filed
Decision will be entered under Rule 155.
T orally agreed to sell his Maryland farm to P for $ 900,000; as part of the consideration, T was to receive like kind property. Subsequently, T located a Virginia farm which he wished to receive in exchange, arranged for title to the Virginia farm to be transferred to C, and advanced the necessary funds. Later, P contracted to buy the Virginia farm from…
2Cases cited21 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Weiss v. StearnSupreme Court of the United States · 1924
- June Pinson Carlton and Charles T. Carlton, as Administrators of the Estate of Thad H. Carlton, and June Carlton v. United StatesCourt of Appeals for the Fifth Circuit · 1967
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