Wagensen v. Commissioner
United States Tax Court
Held: The exchange by petitioner of his Wagensen Ranch for the Napier Ranch and cash was an exchange of like-kind property within the meaning of sec. 1031, I.R.C. 1954, and petitioner recognized no gain in excess of the amount of cash he received on the exchange. That petitioner intended, when he acquired the Napier Ranch, eventually to transfer it to his children does not render the section inapplicable.
Read the full summary
Held: The exchange by petitioner of his Wagensen Ranch for the Napier Ranch and cash was an exchange of like-kind property within the meaning of sec. 1031, I.R.C. 1954, and petitioner recognized no gain in excess of the amount of cash he received on the exchange. That petitioner intended, when he acquired the Napier Ranch, eventually to transfer it to his children does not render the section inapplicable. Held, further, the ranching partnership of which petitioner was a partner carried its breeding cattle in an inventory used to determine its profits; therefore, an investment credit is not…
1Opinion of the Court
Featherston, Judge:
In these consolidated cases, respondent determined deficiencies of $353,881, $1,806, and $1,444 in petitioner’s Federal income taxes for 1974, 1975, and 1976, respectively. The issues for decision are:(1) Whether section 10311 applies to an exchange of petitioner’s ranch for another ranch and cash where he subsequently gave the ranch and some of the cash to his children.(2) Whether a partnership in which petitioner is a partner is entitled to investment credit on livestock that the partnership included in inventory.
FINDINGS OF FACT
Petitioner Fred S. Wagensen was a legal…
2Cases cited12 opinions
- WD Haden Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1948
- Biggs v. CommissionerUnited States Tax Court · 1978
- James Alderson, Surviving Husband and Estate of Clarissa E. Alderson, Deceased, James Alderson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Coastal Terminals, Inc. v. United StatesCourt of Appeals for the Fourth Circuit · 1963
- Emory K. Crenshaw, as of the Estate of Frances Wood Wilson, Deceased v. United StatesCourt of Appeals for the Fifth Circuit · 1972
7 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Zuanich v. CommissionerUnited States Tax Court · 1981
- Norman J. And Beverly G. Magneson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Click v. CommissionerUnited States Tax Court · 1982
- Magneson v. CommissionerUnited States Tax Court · 1983
- Maloney v. CommissionerUnited States Tax Court · 1989
8 more not listed; retrieve them via the Exa API.