Stolk v. Commissioner
United States Tax Court
1. Sec. 1034(a), 1954 Code -- Nonrecognition of Gain from Sale of Property Denied. -- Held, that the vacating of a residence with the intention of not returning and the holding of the same property for 2 years while looking for new property do not satisfy and are incompatible with the requirement that the property which is sold was used by the taxpayer as his principal residence.
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1. Sec. 1034(a), 1954 Code -- Nonrecognition of Gain from Sale of Property Denied. -- Held, that the vacating of a residence with the intention of not returning and the holding of the same property for 2 years while looking for new property do not satisfy and are incompatible with the requirement that the property which is sold was used by the taxpayer as his principal residence. Held, further, that the occupancy of the new property only during weekends and holidays does not constitute using that property as the taxpayer's principal residence within a period of 1 year after the sale of the…
1Opinion of the Court
Harron, Judge:
The Commissioner determined an income tax deficiency of $9,183.26 for 1955. The issues are (1) whether under section 1034(a), 1954 Code, gain from the sale of property is not to be recognized rather than recognized as long-term capital gain; (2) whether various expenses paid by petitioner, for which he did not claim reimbursement by the corporation of which he is an officer, are his ordinary and necessary business expenses under section 162(a).
FINDINGS OF FACT
Some facts have been stipulated; they are so found and incorporated herein by reference.
The petitioner, William C. Stolk,…
2Cases cited27 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Commissioner v. FlowersSupreme Court of the United States · 1946
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- Burnet v. ClarkSupreme Court of the United States · 1932
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3Cited by99 opinions
- Lucas v. CommissionerUnited States Tax Court · 1982
- Walliser v. CommissionerUnited States Tax Court · 1979
- Thomas v. Orvis and Bobye G. Orvis v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1986
- Thomas v. CommissionerUnited States Tax Court · 1989
- Aagaard v. CommissionerUnited States Tax Court · 1971
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