Arkin v. Commissioner
United States Tax Court
In 1973, petitioner purchased a 5-percent interest in a Florida land trust which held as its only asset undeveloped real property subject to a nonrecourse mortgage. Under the land trust agreement, the investors as beneficiaries of the land trust had the right to control and manage the property, and to share in proceeds from its sale in accordance with their proportionate ownership interests.
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In 1973, petitioner purchased a 5-percent interest in a Florida land trust which held as its only asset undeveloped real property subject to a nonrecourse mortgage. Under the land trust agreement, the investors as beneficiaries of the land trust had the right to control and manage the property, and to share in proceeds from its sale in accordance with their proportionate ownership interests. In addition, the investors agreed to pay their proportionate shares of the mortgage, taxes, insurance, and trustee's fees. In 1974, petitioner notified the trustee of the land trust and each of the other…
1Opinion of the Court
Wilbur, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for the calendar years 1974 and 1975 in the amounts of $5,734 and $4,799, respectively. Due to concessions by petitioner,1 the sole issues remaining for our decision are:(1) Whether petitioner abandoned his interest in a Florida land trust in the year 1974, and if so, whether the loss sustained is ordinary or capital; and(2) Whether petitioner is entitled to a deduction for Keogh Plan contributions in excess of $7,500 for the calendar year 1975.
FINDINGS OF FACT
At the time the petition was filed in this case,…
2Cases cited9 opinions
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- Riss v. CommissionerUnited States Tax Court · 1971
- Strong v. CommissionerUnited States Tax Court · 1976
- Richard R. Riss, Sr. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1973
- Riss v. CommissionerUnited States Tax Court · 1971
4 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Vickers v. CommissionerUnited States Tax Court · 1983
- O'Brien v. CommissionerUnited States Tax Court · 1981
- Foy v. CommissionerUnited States Tax Court · 1985
- Amon v. CommissionerUnited States Tax Court · 1981
- Arkin v. CommissionerUnited States Tax Court · 1981
4 more not listed; retrieve them via the Exa API.