SMALLEY v. COMMISSIONER OF INTERNAL REVENUE
United States Tax Court
In 1994, H entered into a deferred exchange whereby he relinquished 2-year timber cutting rights on his land and in return received in 1995 fee simple interests in three parcels of real estate. The transferee's obligation to transfer replacement property to H was secured by cash held in a qualified escrow account as defined in sec. 1.1031(k)-1(g)(3), Income Tax Regs.
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In 1994, H entered into a deferred exchange whereby he relinquished 2-year timber cutting rights on his land and in return received in 1995 fee simple interests in three parcels of real estate. The transferee's obligation to transfer replacement property to H was secured by cash held in a qualified escrow account as defined in sec. 1.1031(k)-1(g)(3), Income Tax Regs. HELD: At the beginning of the exchange period, H had a bona fide intent to enter into a deferred exchange of like-kind property within the meaning of sec. 1.1031(k)-1(j)(2)(iv), Income Tax Regs. Under sec. 1.1031(k)-1(g)(3) and…
1Opinion of the Court
D. G. SMALLEY AND NELL R. SMALLEY, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
SMALLEY v. COMMISSIONER OF INTERNAL REVENUE
No. 2767-98
United States Tax Court
116 T.C. 450; 2001 U.S. Tax Ct. LEXIS 30; 116 T.C. No. 29;
June 14, 2001, Filed
Decision will be entered under Rule 155.
In 1994, H entered into a deferred exchange whereby he
relinquished 2-year timber cutting rights on his land and in
return received in 1995 fee simple interests in three parcels of
real estate. The transferee's obligation to transfer replacement
property to H was secured by cash held in a qualified escrow
account…
2Cases cited28 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Markwardt v. CommissionerUnited States Tax Court · 1975
- Seligman v. CommissionerUnited States Tax Court · 1985
- H. O. Williams and Mrs. Ada L. Williams v. United StatesCourt of Appeals for the Fifth Circuit · 1955
- McRae v. Stillwell, Millen & Co.Supreme Court of Georgia · 1900
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