Alderson v. Commissioner
United States Tax Court
Petitioners entered an escrow to sell farm property B to a corporation. Petitioners wanted to exchange the property for other farm property, and upon finding suitable property S, the escrow agreement was amended to provide the corporation would acquire property S and exchange it for property B. Petitioners entered a second escrow as "buyer" to acquire property S, and paid into that escrow the difference between the greater purchase price of property S and the amount the…
Read the full summary
Petitioners entered an escrow to sell farm property B to a corporation. Petitioners wanted to exchange the property for other farm property, and upon finding suitable property S, the escrow agreement was amended to provide the corporation would acquire property S and exchange it for property B. Petitioners entered a second escrow as "buyer" to acquire property S, and paid into that escrow the difference between the greater purchase price of property S and the amount the corporation had agreed to pay for property B. The corporation paid into the second escrow the amount it had agreed to pay…
1Opinion of the Court
Bruce, Judge:
Respondent determined a deficiency in income tax for the taxable year 1957 in the amount of $39,530.58.
Certain adjustments made by respondent are not contested.
The sole question for our determination is whether the transactions by which petitioners disposed of their title to certain realty, located in Orange County, California, and acquired title to certain other realty, located in Salinas, California, constituted a nontaxable exchange within the provisions of section 1031, I.R.C. 1954.
FINDINGS OF FACT.
The parties have stipulated certain facts. The stipulation and the exhibits…
2Cases cited13 opinions
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- WD Haden Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1948
- Century Electric Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1951
- Trenton Cotton Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1945
8 more not listed; retrieve them via the Exa API.
3Cited by38 opinions
- Woodbury v. CommissionerUnited States Tax Court · 1967
- Biggs v. CommissionerUnited States Tax Court · 1978
- Coastal Terminals, Inc. v. United StatesCourt of Appeals for the Fourth Circuit · 1963
- Coupe v. Comm'rUnited States Tax Court · 1969
- Barker v. CommissionerUnited States Tax Court · 1980
33 more not listed; retrieve them via the Exa API.