Newcombe v. Commissioner
United States Tax Court
Shortly after Dec. 1, 1965, petitioners moved out of their personal residence and immediately offered it for sale at a price in excess of the then market value but not in excess of their investment. Efforts to sell were continuous until Feb. 1, 1967, when the property was sold. At no time was the property offered for rent. Held, during 1966, petitioners did not hold the property for the production of income within the meaning of sec. 167(a)(2) or 212(2), I.R.C. 1954.
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined a deficiency of $2,059.95 in petitioners’ income taxes for their taxable year 1966. The only issue is the deductibility of expenses incurred during the period in which a house, previously used by petitioners as their residence, was held for sale.
All the facts have been established by admissions in the pleadings and are found accordingly.
Petitioners are husband and wife and had their legal residence in Naples, Fla., at the time of the filing of their petition herein. They filed a joint income tax return for 1966 with the district director of…
2Cases cited17 opinions
- Margit Sigray Bessenyey v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1967
- Heiner v. TindleSupreme Court of the United States · 1928
- Spreckels v. CommissionerSupreme Court of the United States · 1942
- Leslie v. CommissionerUnited States Tax Court · 1946
- Robinson v. CommissionerUnited States Tax Court · 1943
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3Cited by52 opinions
- Riss v. CommissionerUnited States Tax Court · 1971
- Stephen Bolaris and Valerie H. Bolaris v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Meredith v. CommissionerUnited States Tax Court · 1975
- Du Pont Testamentary Trust v. CommissionerUnited States Tax Court · 1974
- Quinn v. CommissionerUnited States Tax Court · 1975
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