Estate of Levine v. Commissioner
United States Tax Court
Decedent exchanged like kind property on July 1, 1968, which he held as a tenant in common with his son. Said exchange resulted in the receipt of boot which decedent failed to include in taxable income.
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Decedent exchanged like kind property on July 1, 1968, which he held as a tenant in common with his son. Said exchange resulted in the receipt of boot which decedent failed to include in taxable income. Held, the amount received as boot was properly includable in decedent's taxable income since the exchange of properties occurred during the taxable year of decedent's partnership which ended on Dec. 31, 1968, within decedent's taxable year ended on July 31, 1969. Held, further, decedent realized gain upon the transfer of real estate, encumbered beyond its adjusted basis, to a trust for the…
1Opinion of the Court
Forrester, Judge:
For their taxable years ended July 31,1969 and 1970, respondent has determined deficiencies in petitioners’ Federal income taxes in the respective amounts of $19,718.49 and $175,244.03. He has also determined a section 6651(a)1 addition to tax in the amount of $2,353.11 for the year 1969. Concessions having been made, the following issues remain for our decision:(1) Whether decedent realized capital gain during the taxable year ended July 31, 1969, upon the receipt of boot in an otherwise valid section 1031 exchange which occurred in taxable year 1968; and(2) Whether decedent…
2Cases cited25 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Commissioner v. TowerSupreme Court of the United States · 1946
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Crane v. CommissionerSupreme Court of the United States · 1947
- Mayerson v. CommissionerUnited States Tax Court · 1966
20 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Diedrich v. CommissionerSupreme Court of the United States · 1982
- Guest v. CommissionerUnited States Tax Court · 1981
- Ebben v. CommissionerCourt of Appeals for the Ninth Circuit · 1986
- Allan v. CommissionerUnited States Tax Court · 1986
- Diedrich v. CommissionerCourt of Appeals for the Eighth Circuit · 1981
10 more not listed; retrieve them via the Exa API.