Chase v. Commissioner
United States Tax Court
In substance, the partnership in which petitioners were partners, disposed of the entire interest in an apartment building.
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In substance, the partnership in which petitioners were partners, disposed of the entire interest in an apartment building. Held, this disposition by the partnership did not involve an exchange of like-kind property under sec. 1031. Held, further, petitioners are not entitled to elect installment sale treatment under sec. 453. Held, further, petitioner Delwin Chase failed to liquidate his entire interest in a partnership and is not entitled to capital loss treatment under sec. 731(a). Held, further, only petitioner Gail Chase has satisfied the requirements of sec. 731(a).
1Opinion of the Court
Delwin G. Chase and Gail J. Chase, Petitioners v. Commissioner of Internal Revenue, Respondent
Chase v. Commissioner
Docket No. 7562-86
United States Tax Court
92 T.C. 874; 1989 U.S. Tax Ct. LEXIS 56; 92 T.C. No. 53;
April 24, 1989April 24, 1989, Filed
Decision will be entered under Rule 155.
In substance, the partnership in which petitioners were partners, disposed of the entire interest in an apartment building. Held, this disposition by the partnership did not involve an exchange of like-kind property under sec. 1031. Held, further, petitioners are not entitled to elect installment sale treatment…
2Cases cited12 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Higgins v. SmithSupreme Court of the United States · 1940
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Joseph R. Bolker v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Markwardt v. CommissionerUnited States Tax Court · 1975
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