Powell v. Commissioner
United States Tax Court
Petitioners took legal title to their new principal residence on Feb. 21, 1975, but they did not occupy their residence until Mar. 22, 1975. Held, petitioners are not entitled to a credit under sec. 44, I.R.C. 1954, as amended, since they did not acquire their new principal residence within the time prescribed by sec. 44(e)(1)(B), I.R.C. 1954, as amended.
1Opinion of the Court
OPINION
Tietjens, Judge:
Respondent determined a deficiency of $1,179.07 in petitioners’ Federal income tax for 1975. The only issue for our determination is whether petitioners are entitled, under section 44,1 to a credit for the purchase of a new principal residence.
This case was fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts and attached exhibits are incorporated herein by reference.
At the time they filed their petition, petitioners resided at Charlotte, N.C. Petitioners, cash basis taxpayers, timely filed a joint Federal income tax…
2Cases cited2 opinions
- Shaw v. CommissionerUnited States Tax Court · 1978
- Dobin v. CommissionerUnited States Tax Court · 1980
3Cited by3 opinions
- Britton v. CommissionerUnited States Tax Court · 1984
- Callahan v. CommissionerUnited States Tax Court · 1982
- Powell v. CommissionerUnited States Tax Court · 1980