Stark v. Commissioner
United States Tax Court
P donated certain real property to the U.S. Forest Service and sold certain real property for less than its value to an unrelated third party for simultaneous exchange with the Forest Service. In both instances, P retained a mineral interest in the property. Held, on the facts of this case, the mineral interest retained by P was so insubstantial that sec. 170(f)(3), I.R.C. 1954, does not prohibit a charitable contribution deduction with respect to the conveyances.
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P donated certain real property to the U.S. Forest Service and sold certain real property for less than its value to an unrelated third party for simultaneous exchange with the Forest Service. In both instances, P retained a mineral interest in the property. Held, on the facts of this case, the mineral interest retained by P was so insubstantial that sec. 170(f)(3), I.R.C. 1954, does not prohibit a charitable contribution deduction with respect to the conveyances. Held, further, amount of deductible contribution with respect to the "bargain sale" determined.
1Opinion of the Court
COHEN, Judge:
Respondent determined a deficiency of $97,372.10 in petitioner’s Federal income tax for 1975. Petitioner claimed an overpayment in an amended petition. The issues for decision Eire as follows: (1) Whether petitioner is entitled to a chEiritable contribution deduction with respect to certain real property in which she retained a mineral interest, and (2) if so, the proper amount of the charitable contribution deduction resulting from a bargain sede of certain real property.
FINDINGS OF FACT
Some of the facts have been stipulated, and the stipulation of facts and attached exhibits…
2Cases cited23 opinions
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- Commissioner v. National Alfalfa Dehydrating & Milling Co.Supreme Court of the United States · 1974
- Stubbs, Overbeck & Associates, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1971
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