Barker v. Commissioner
United States Tax Court
Petitioner owned the Demion property and wanted to acquire the Casa El Camino property from an unidentified third party in a tax-free exchange. Goodyear wanted to acquire the Demion property. Petitioner, Goodyear, and Covington Bros. entered into a series of contractually interdependent escrow agreements in which Covington agreed to purchase the Casa El Camino property, transfer it to petitioner for the Demion property, and sell the Demion property to Goodyear.
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Petitioner owned the Demion property and wanted to acquire the Casa El Camino property from an unidentified third party in a tax-free exchange. Goodyear wanted to acquire the Demion property. Petitioner, Goodyear, and Covington Bros. entered into a series of contractually interdependent escrow agreements in which Covington agreed to purchase the Casa El Camino property, transfer it to petitioner for the Demion property, and sell the Demion property to Goodyear. These events took place in a simultaneous transaction. The mortgage on the Demion property before the transaction was less then the…
1Opinion of the Court
Nims, Judge:
Respondent determined a deficiency in taxes of $160 for the year 1973 and $4,824 for the year 1974. After concessions by the parties, there are two issues remaining for our decision:(1) Should petitioner have recognized gain in 1974 on a transaction in which she disposed of her Demion property and acquired the Casa El Camino property?(2) Did the buildings located on the petitioner’s Casa El Camino property have a useful life of 30 years at the time such property was acquired by petitioner, as determined by respondent?
FINDINGS OF FACT
Most of the facts were fully stipulated and are…
2Cases cited17 opinions
- T. J. Starker v. United StatesCourt of Appeals for the Ninth Circuit · 1979
- June Pinson Carlton and Charles T. Carlton, as Administrators of the Estate of Thad H. Carlton, and June Carlton v. United StatesCourt of Appeals for the Fifth Circuit · 1967
- WD Haden Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1948
- Biggs v. CommissionerUnited States Tax Court · 1978
- James Alderson, Surviving Husband and Estate of Clarissa E. Alderson, Deceased, James Alderson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
12 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Emsy H. Swaim and Annie Swaim, Cross v. United States of America, CrossCourt of Appeals for the Fifth Circuit · 1981
- Estate of Bowers v. CommissionerUnited States Tax Court · 1990
- Garcia v. CommissionerUnited States Tax Court · 1983
- Brauer v. CommissionerUnited States Tax Court · 1980
23 more not listed; retrieve them via the Exa API.