Hoven v. Commissioner
United States Tax Court
1. Held, for purposes of determining his holding period under sec. 1222, I.R.C. 1954, petitioner acquired ownership of the real property in question when he entered into a "Contract of Sale" on Sept. 23, 1963; at that time, he acquired an unconditional right to the delivery of the deeds of title upon payment of the remainder of the purchase price, and he assumed the burdens and benefits of ownership. 2. Held, further, of the cost basis of $ 130,000 for two parcels, $ 96,800…
Read the full summary
1. Held, for purposes of determining his holding period under sec. 1222, I.R.C. 1954, petitioner acquired ownership of the real property in question when he entered into a "Contract of Sale" on Sept. 23, 1963; at that time, he acquired an unconditional right to the delivery of the deeds of title upon payment of the remainder of the purchase price, and he assumed the burdens and benefits of ownership. 2. Held, further, of the cost basis of $ 130,000 for two parcels, $ 96,800 is allocable to one tract and $ 33,200 is allocable to the other.
1Opinion of the Court
Vernon Hoven and Thora Hoven, Petitioners v. Commissioner of Internal Revenue, Respondent
Hoven v. Commissioner
Docket No. 2903-69
United States Tax Court
56 T.C. 50; 1971 U.S. Tax Ct. LEXIS 153;
April 12, 1971, Filed
Decision will be entered under Rule 50.
1. Held, for purposes of determining his holding period under sec. 1222, I.R.C. 1954, petitioner acquired ownership of the real property in question when he entered into a "Contract of Sale" on Sept. 23, 1963; at that time, he acquired an unconditional right to the delivery of the deeds of title upon payment of the remainder of the purchase…
2Cases cited14 opinions
- McFeely v. CommissionerSupreme Court of the United States · 1935
- Ide v. LeiserMontana Supreme Court · 1890
- Merrill v. CommissionerUnited States Tax Court · 1963
- Floyd R. Clodfelter and Enna L. Clodfelter v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1970
- Clodfelter v. CommissionerUnited States Tax Court · 1967
9 more not listed; retrieve them via the Exa API.