Gundersheim v. Commissioner
United States Tax Court
On Aug. 27, 1975, petitioners purchased 100 shares in a cooperative apartment corporation. The building in which the cooperative was located had been previously used for commercial purposes. Adaptation of the building for residential use began prior to Mar. 26, 1975. Petitioners were the first residential users of the cooperative apartment.
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On Aug. 27, 1975, petitioners purchased 100 shares in a cooperative apartment corporation. The building in which the cooperative was located had been previously used for commercial purposes. Adaptation of the building for residential use began prior to Mar. 26, 1975. Petitioners were the first residential users of the cooperative apartment. Held, petitioners' cooperative apartment qualified as a "new principal residence" within the meaning of sec. 44(e)(1), I.R.C. 1954, and sec. 1.44-5(a), Income Tax Regs.Held, further, petitioners are entitled to the sec. 44 tax credit on the purchase of the…
1Opinion of the Court
Dawson, Judge:
Respondent determined a deficiency of $2,130.80 in petitioners’ Federal income tax for the year 1975. At issue is whether the petitioners, who bought shares in a cooperative apartment corporation, are entitled to a tax credit under section 441 for the purchase of a “new principal residence” where the property was used for commercial purposes prior to its conversion to residential use.
FINDINGS OF FACT
Most of the facts have been stipulated. The stipulation of facts and attached exhibits are incorporated herein by this reference.
Arthur Gundersheim and Lorelei J. Gundersheim…
2Cases cited1 opinion
- Dobin v. CommissionerUnited States Tax Court · 1980
3Cited by3 opinions
- Cyr v. CommissionerUnited States Tax Court · 1984
- Gundersheim v. CommissionerUnited States Tax Court · 1980
- Sutton v. CommissionerUnited States Tax Court · 1983