Click v. Commissioner
United States Tax Court
On July 9, 1974, petitioner exchanged her farm for two residential properties, cash, and a note. On the same day, her two children and their families each moved into the residences. Approximately 7 months later, petitioner transferred the residences by gift to her children.
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On July 9, 1974, petitioner exchanged her farm for two residential properties, cash, and a note. On the same day, her two children and their families each moved into the residences. Approximately 7 months later, petitioner transferred the residences by gift to her children. Held, the July 9, 1974, exchange does not qualify for nonrecognition treatment under sec. 1031(a), I.R.C. 1954, because petitioner did not intend to hold the property received for productive use in a trade or business or for investment.
1Opinion of the Court
Sterrett, Judge-.
By statutory notice dated August 4, 1978, respondent determined a deficiency in petitioner’s Federal income tax for the taxable year 1974 in the amount of $45,921.05. Petitioner paid the amount of the asserted deficiency on August 17, 1978, which was subsequent to her receipt of the statutory notice but before filing her petition with this Court on October 26, 1978. On January 13, 1981, respondent filed an amended answer in which he asserted that the deficiency against petitioner should be increased by $9,406.80 (for a total of $55,327.85). Petitioner then amended her…
2Cases cited6 opinions
- Biggs v. CommissionerUnited States Tax Court · 1978
- Koch v. CommissionerUnited States Tax Court · 1978
- Regals Realty Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1942
- Brauer v. CommissionerUnited States Tax Court · 1980
- Wagensen v. CommissionerUnited States Tax Court · 1980
1 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Joseph R. Bolker v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Norman J. And Beverly G. Magneson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Bolker v. CommissionerUnited States Tax Court · 1983
- Magneson v. CommissionerUnited States Tax Court · 1983
- Maloney v. CommissionerUnited States Tax Court · 1989
11 more not listed; retrieve them via the Exa API.