Fasken v. Commissioner
United States Tax Court
Held, petitioners realized taxable gain on the granting of four easements in respect of their ranch property, and the gain is to be computed by applying the consideration they received against the portion of their adjusted basis for the ranch which is allocable to the acreage covered by the easements.
1Opinion of the Court
Featherston, Judge:
Respondent determined deficiencies in petitioners’ Federal income taxes for 1974 as follows:
Petitioner Deficiency
David Fasken and Barbara T. Fasken
Docket No. 5823-77 . $3,773.01
Estate of Inez G. Fasken
Docket No. 5824-77 . 1,119.65
The sole issue for decision is whether the consideration received by petitioners for granting four easements across their ranch property should be applied against their basis in their entire acreage or against their basis in only the portion of the acreage covered by the easements.
FINDINGS OF FACT
Petitioners David Fasken and Barbara T. Fasken,…
2Cases cited21 opinions
- Merrill v. CommissionerUnited States Tax Court · 1963
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Commissioner of Internal Revenue v. RayCourt of Appeals for the Fifth Circuit · 1954
- Ray v. CommissionerUnited States Tax Court · 1952
- Christine L. Pounds as Independent of the Estate of Horace E. Pounds and Christine L. Pounds v. United StatesCourt of Appeals for the Fifth Circuit · 1967
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3Cited by24 opinions
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- Estate of Reinke v. CommissionerUnited States Tax Court · 1993
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