Meredith v. Commissioner
United States Tax Court
Petitioner abandoned resort property as a secondary residence and immediately offered it for sale and/or rent. She retained the property for approximately 21 years receiving no rental income therefrom.
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Petitioner abandoned resort property as a secondary residence and immediately offered it for sale and/or rent. She retained the property for approximately 21 years receiving no rental income therefrom. Held, by the time of the years in issue petitioner could not have had a reasonable expectation of receiving any rental income and she never held the property for appreciation in value; hence, the property was not "property held for the production of income" within the meaning of secs. 167 and 212, I.R.C. 1954. Held, further, respondent's determination that petitioner failed to include a…
1Opinion of the Court
OPINION
Petitioner, to be entitled to deductions for depreciation and maintenance expenses under sections 167(a)(2)5 and 212(2),6 must demonstrate that the Pebble Beach property was “property held for the production of income” during the years 1969 through 1971. The quoted phrase in both sections arises from the Revenue Act of 1942, 56 Stat. 798, 819. Since both sections embody an identity of purpose, the phrase must be given the same construction in one as in the other. Commissioner v. Ridgway’s Estate, 291 F. 2d 257, 259 (3d Cir. 1961), affg. 33 T.C. 1000 (1960); Frank A. Newcombe, 54 T.C.…
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