Trugman v. Commissioner
United States Tax Court
Ps were the only shareholders in an S corporation (S). S purchased a residential property, which Ps used as their principal residence. Ps claimed the first-time homebuyer credit under I.R.C. sec. 36. R disallowed the credit because Ps did not purchase the property and S did not qualify as an individual under I.R.C. sec. 36. Held: S is not an "individual" for the purpose of I.R.C. sec. 36.
1Opinion of the Court
Kroupa, Judge:
Respondent disallowed an $8,000 first-time homebuyer credit (tax credit) petitioners claimed for 2009. The sole issue for decision is whether petitioners are entitled to the tax credit for a principal residence purchased through an S corporation. We hold that they are not.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. The stipulation of facts, with accompanying exhibits, is incorporated by this reference. Petitioners resided in Nevada when they filed the petition.
Petitioners are a married couple and the only shareholders of Sanstu Corp. (Sanstu), which…
2Cases cited14 opinions
- Perrin v. United StatesSupreme Court of the United States · 1979
- United States v. BasyeSupreme Court of the United States · 1973
- Clair S. Huffman v. Commissioner Of Internal RevenueCourt of Appeals for the Ninth Circuit · 1992
- Estate of Bongard v. Comm'rUnited States Tax Court · 2005
- Keene v. Comm'rUnited States Tax Court · 2003
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3Cited by1 opinion
- Xuye Li v. Comm'rUnited States Tax Court · 2013