Merrill v. Commissioner
United States Tax Court
In determining taxpayers' holding period for real estate for purposes of section 1231, I.R.C. 1954, consideration must be given not only to the dates on which bare legal title passes but also the dates on which the burdens and benefits of ownership are transferred in closed transactions. Holding period determined, under circumstances which involved acquisition and disposition of property under California escrow arrangements.
1Opinion of the Court
Ted F. Merrill and Elizabeth H. Merrill, Petitioners, v. Commissioner of Internal Revenue, Respondent
Merrill v. Commissioner
Docket No. 92071
United States Tax Court
40 T.C. 66; 1963 U.S. Tax Ct. LEXIS 148;
April 19, 1963, Filed
Decision will be entered under Rule 50.
In determining taxpayers' holding period for real estate for purposes of section 1231, I.R.C. 1954, consideration must be given not only to the dates on which bare legal title passes but also the dates on which the burdens and benefits of ownership are transferred in closed transactions. Holding period determined, under circumstances…
2Cases cited25 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- United States v. SullivanSupreme Court of the United States · 1927
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- McFeely v. CommissionerSupreme Court of the United States · 1935
- Commissioner of Internal Revenue v. Union Pac. R. Co.Court of Appeals for the Second Circuit · 1936
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