Magneson v. Commissioner
United States Tax Court
Petitioners exchanged their fee simple interest in I real property for an undivided 10-percent interest in P real property which they immediately contributed to a partnership for a general partnership interest. P and I are properties of like kind. Held, the exchange of I for P qualifies for nonrecognition of gain under sec. 1031(a), I.R.C. 1954, because petitioners held P for productive use in trade or business or for investment.
1Opinion of the Court
Norman J. Magneson and Beverly G. Magneson, Petitioners v. Commissioner of Internal Revenue, Respondent
Magneson v. Commissioner
Docket No. 28473-81
United States Tax Court
81 T.C. 767; 1983 U.S. Tax Ct. LEXIS 17; 81 T.C. No. 47;
October 20, 1983, Filed
Decision will be entered for the petitioners.
Petitioners exchanged their fee simple interest in I real property for an undivided 10-percent interest in P real property which they immediately contributed to a partnership for a general partnership interest. P and I are properties of like kind. Held, the exchange of I for P qualifies for nonrecognition…
Also in this document: Dissent · Tannenwald; Dissent · Nims.
2Cases cited46 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Bull v. United StatesSupreme Court of the United States · 1935
- Aquilino v. United StatesSupreme Court of the United States · 1960
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Commissioner v. National Alfalfa Dehydrating & Milling Co.Supreme Court of the United States · 1974
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