Brauer v. Commissioner
United States Tax Court
P entered into a contract to sell his farm in St. Charles County, Mo., to M for cash. M intended to exchange the St. Charles farm for a 10-acre tract owned by T, who was interested in the St. Charles farm. Before the transaction was consumated, P decided he wanted to exchange the St. Charles farm for Gasconade farm, a "like-kind" property, owned by F. M agreed to acquire Gasconade and trade it, plus cash, to P in exchange for St. Charles farm.
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P entered into a contract to sell his farm in St. Charles County, Mo., to M for cash. M intended to exchange the St. Charles farm for a 10-acre tract owned by T, who was interested in the St. Charles farm. Before the transaction was consumated, P decided he wanted to exchange the St. Charles farm for Gasconade farm, a "like-kind" property, owned by F. M agreed to acquire Gasconade and trade it, plus cash, to P in exchange for St. Charles farm. Due to unforseen circumstances, the transaction could not be completed as planned. M acquired a contract to purchase Gasconade, which it transferred to…
1Opinion of the Court
Drennen, Judge:
Respondent determined a deficiency of $19,385 in petitioners’ income tax for the taxable year ended December 31, 1974.
Due to concessions, the only issue for decision is whether petitioners’ transfer of their interest in a 239-acre farm and acquisition of a 645-acre farm constituted an exchange which qualifies for nonrecognition of gain, except to the extent of boot, under section 1031, I.R.C. 1954.1
FINDINGS OF FACT
Some of the facts were stipulated and are so found. The stipulation of facts, together with the exhibits attached thereto, is incorporated herein by this reference.
Pet…
2Cases cited22 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
- Danielson v. CommissionerUnited States Tax Court · 1965
- T. J. Starker v. United StatesCourt of Appeals for the Ninth Circuit · 1979
- William J. Sullivan and Georgia K. Sullivan v. United StatesCourt of Appeals for the Eighth Circuit · 1966
17 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Estate of Bowers v. CommissionerUnited States Tax Court · 1990
- Bolker v. CommissionerUnited States Tax Court · 1983
- Garcia v. CommissionerUnited States Tax Court · 1983
- Click v. CommissionerUnited States Tax Court · 1982
- Allen v. CommissionerUnited States Tax Court · 1982
9 more not listed; retrieve them via the Exa API.