Aagaard v. Commissioner
United States Tax Court
Petitioners entered into a number of real estate transactions in 1964, the tax consequences of which are in dispute. Moreover, respondent disallowed all but one-twelfth of certain real estate taxes petitioners paid and deducted on their tax return for 1965. Although they did not take such a deduction on their tax return for 1965, petitioners also alleged for the first time in their petition that they were entitled to deduct $ 5,000 as a result of the worthlessness of certain…
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Petitioners entered into a number of real estate transactions in 1964, the tax consequences of which are in dispute. Moreover, respondent disallowed all but one-twelfth of certain real estate taxes petitioners paid and deducted on their tax return for 1965. Although they did not take such a deduction on their tax return for 1965, petitioners also alleged for the first time in their petition that they were entitled to deduct $ 5,000 as a result of the worthlessness of certain stock. Held, under sec. 1034(a) petitioners are entitled to defer recognition of $ 926.81 in gain realized on the…
1Opinion of the Court
Iewin, Judge:
The Commissioner determined deficiencies in petitioners’ income tax in the amounts of $923.67 and $3,059.68 for the years 1964 and 1965, respectively.
Petitioners did not contest certain determinations in respondent’s notice of deficiency. Therefore, the issues for decision are as follows:(1) Whether petitioners are permitted under section 1031(a) of the Internal Revenue Code of 19541 to defer in its entirety the gain realized on their exchange of a four-unit apartment house located on Camden Road, or whether only that portion of the gain allocable to the one unit they used as…
2Cases cited19 opinions
- Boehm v. CommissionerSupreme Court of the United States · 1945
- Stolk v. CommissionerUnited States Tax Court · 1963
- Hoover v. CommissionerUnited States Tax Court · 1959
- Ruge v. Comm'rUnited States Tax Court · 1956
- Paul v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
14 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Thomas v. CommissionerUnited States Tax Court · 1989
- Clapham v. CommissionerUnited States Tax Court · 1975
- Bolaris v. CommissionerUnited States Tax Court · 1983
- Russo v. CommissionerUnited States Tax Court · 1977
- Lewis Testamentary Trust B v. CommissionerUnited States Tax Court · 1984
27 more not listed; retrieve them via the Exa API.