Edwards v. Commissioner
United States Tax Court
Transaction between husband and wife terminating their interests in community property by a settlement agreement embodied in a divorce decree was tantamount to a sale by the wife of her interest in certain community assets upon which a gain was realized, rather than a mere partition or division of community property. C. C. Rouse, 6 T. C. 908, followed. Frances R. Walz, Administratrix, 32 B. T. A. 718, distinguished.
1Opinion of the Court
OPINION.
Tietjens, Judge:
The Commissioner determined that petitioner realized a long-term capital gain of $31,170.97 on the “sale of [her] share of community property” to Gordon in accordance with the property settlement agreement described in the Findings of Fact.
Petitioner contends that nothing more is involved here than an equal division or partition of community property incident to a divorce which is a nontaxable transaction, citing Frances R. Walz, Administratrix, 32 B. T. A. 718, and dicta to that effect in C. C. Rouse, 6 T. C. 908, affd. (C. A. 5) 159 F. 2d 706.
We think the transaction…
2Cases cited4 opinions
- Johnson v. United StatesCourt of Appeals for the Ninth Circuit · 1943
- Rouse v. CommissionerUnited States Tax Court · 1946
- Long v. COMMISSIONER OF INTERNAL REVENUECourt of Appeals for the Fifth Circuit · 1949
- Rouse v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1947
3Cited by8 opinions
- Siewert v. CommissionerUnited States Tax Court · 1979
- Davis v. CommissionerUnited States Tax Court · 1987
- Davis v. CommissionerUnited States Tax Court · 1987
- Dispoto v. CommissionerUnited States Tax Court · 1990
- Edwards v. CommissionerUnited States Tax Court · 1954
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