Collins v. Commissioner
United States Tax Court
Petitioners sold their principal residence and excluded the gain thereon from income under sec. 1034, I.R.C. 1954. While petitioners failed to meet the time requirements of sec. 1034, they argued that they should be execused from these time limits due to difficulties not of their making that they encountered in beginning construction of and occupying their new principal residence.
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Petitioners sold their principal residence and excluded the gain thereon from income under sec. 1034, I.R.C. 1954. While petitioners failed to meet the time requirements of sec. 1034, they argued that they should be execused from these time limits due to difficulties not of their making that they encountered in beginning construction of and occupying their new principal residence. In the alternative, they argued that their gain should be long-term capital gain because they had had an option to purchase their former principal residence for over six months before they sold that house although…
1Opinion of the Court
COPP COLLINS AND FRANCES T. COLLINS, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Collins v. Commissioner
Docket No. 1591-78.
United States Tax Court
T.C. Memo 1979-516; 1979 Tax Ct. Memo LEXIS 8; 39 T.C.M. (CCH) 783; T.C.M. (RIA) 79516;
December 27, 1979, Filed
Petitioners sold their principal residence and excluded the gain thereon from income under sec. 1034, I.R.C. 1954. While petitioners failed to meet the time requirements of sec. 1034, they argued that they should be execused from these time limits due to difficulties not of their making that they encountered in beginning…
2Cases cited4 opinions
- Nelson C. And Adele B. Elam v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1973
- Molbreak v. CommissionerUnited States Tax Court · 1973
- Vernon Molbreak v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1975
- Elam v. CommissionerUnited States Tax Court · 1972