Keener v. Commissioner
United States Tax Court
Petitioner Seth Keener, employed by the Insurance Company of North America (INA) in Harrisburg, Pa., owned his home in that city. In January 1966 he executed the INA Appraisal Plan which provided, inter alia, that if he were assigned to another city he agreed to place his house for sale at a price to be determined by INA and upon the sale thereof, if the net sales price was less than the appraised value, INA would pay the difference to him.
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Petitioner Seth Keener, employed by the Insurance Company of North America (INA) in Harrisburg, Pa., owned his home in that city. In January 1966 he executed the INA Appraisal Plan which provided, inter alia, that if he were assigned to another city he agreed to place his house for sale at a price to be determined by INA and upon the sale thereof, if the net sales price was less than the appraised value, INA would pay the difference to him. In March 1966, INA transferred petitioner to another city and his house was sold at a loss in June 1967 to a third-party purchaser. INA paid $ 10,639.11…
1Opinion of the Court
Withey, Judge:
Respondent determined a deficiency in petitioners’ income tax for the taxable year 1967 in the amount of $3,050.46.
The issues presented for our consideration are:(1) Whether payments made by petitioner’s employer to petitioners during the taxable year 1967 represent a reimbursement for a loss sustained on the sale of petitioners’ residence and, therefore, income to them under section 61(a), I.R.C. 1954, and(2) Whether selling expenses and real estate expenses paid for by petitioner’s employer during 1967 are income to petitioners under section 61(a), sufra.
FINDINGS OF FACT
Some…
2Cases cited11 opinions
- Commissioner v. BrownSupreme Court of the United States · 1965
- Commissioner v. LoBueSupreme Court of the United States · 1956
- James J. Ritter v. The United StatesUnited States Court of Claims · 1968
- Ferebee v. CommissionerUnited States Tax Court · 1963
- Bradley v. CommissionerUnited States Tax Court · 1963
6 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Karsten v. CommissionerUnited States Tax Court · 1975
- Keener v. CommissionerUnited States Tax Court · 1972