Wierschem v. Commissioner
United States Tax Court
Petitioner sold three tracts of farmland during 1976 in two separate sales and reported the gain realized from these sales in full on his income tax return for 1976. Although one of the sales qualified for installment sale treatment under sec. 453, I.R.C. 1954, petitioner did not elect to report the gain realized from that sale under the installment method.
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Petitioner sold three tracts of farmland during 1976 in two separate sales and reported the gain realized from these sales in full on his income tax return for 1976. Although one of the sales qualified for installment sale treatment under sec. 453, I.R.C. 1954, petitioner did not elect to report the gain realized from that sale under the installment method. Held, petitioner may not subsequently elect the installment method of reporting after having reported the gain from the sale in full on his original return.
1Opinion of the Court
Wilbur, Judge:
Respondent determined deficiencies in petitioner’s Federal income taxes for the taxable years 1976 and 1977 in the amounts of $12,442 and $429, respectively. After concessions, the sole issue presented for our decision is whether petitioner is entitled to elect to report the sale of realty in 1976 under the installment method pursuant to section 453 of the Internal Revenue Code of 1954,1 subsequent to the filing of petitioner’s original 1976 income tax return in which petitioner reported the gain from the sale in full.
FINDINGS OF FACT
Some of the facts have been stipulated by the…
2Cases cited16 opinions
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Pritchett v. CommissionerUnited States Tax Court · 1974
- Samuel Pollack and Annie Pollack v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- Pollack v. CommissionerUnited States Tax Court · 1966
- Reaver v. CommissionerUnited States Tax Court · 1964
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3Cited by11 opinions
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