Black v. Commissioner
United States Tax Court
In August 1955, petitioner exchanged desert land she was holding for investment purposes for residential property, a mortgage, and cash. She painted the house and made some repairs, moving from a place she was renting into the newly acquired residence to do the work. When the work had been completed she listed the house for sale with a real estate agent, and in April 1956, it was sold for $ 7,500, the amount at which it had been included in the exchange.
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In August 1955, petitioner exchanged desert land she was holding for investment purposes for residential property, a mortgage, and cash. She painted the house and made some repairs, moving from a place she was renting into the newly acquired residence to do the work. When the work had been completed she listed the house for sale with a real estate agent, and in April 1956, it was sold for $ 7,500, the amount at which it had been included in the exchange. Petitioner claimed nonrecognition of gain to the extent of the value of the residential property. Respondent determined that the entire gain…
1Opinion of the Court
Ethel Black, Petitioner, v. Commissioner of Internal Revenue, Respondent
Black v. Commissioner
Docket No. 77628
United States Tax Court
35 T.C. 90; 1960 U.S. Tax Ct. LEXIS 47;
October 21, 1960, Filed
Decision will be entered for the respondent.
In August 1955, petitioner exchanged desert land she was holding for investment purposes for residential property, a mortgage, and cash. She painted the house and made some repairs, moving from a place she was renting into the newly acquired residence to do the work. When the work had been completed she listed the house for sale with a real estate agent, and…
2Cases cited3 opinions
- Atlantic Coast Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Black v. CommissionerUnited States Tax Court · 1960
- Loughborough Dev. Corp. v. CommissionerUnited States Board of Tax Appeals · 1933