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
OPINION".
TURNER, Judge :
The question presented is whether upon the disposition by petitioner of her desert property the gain realized to the extent of the fair market value of the residential property received in exchange is not, under section 1031(b) of the Internal Revenue Code of 1954,1 to be recognized. Respondent has determined that the exchange does not meet the statutory requirements for nonrecognition of the gain in question. Both parties have accepted $7,500 as the fair market value of the residential property received.
In section 1031(a) of the Code,1 it is provided that “[n]o gain…
2Cases cited2 opinions
- Atlantic Coast Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Loughborough Dev. Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by11 opinions
- Woodbury v. CommissionerUnited States Tax Court · 1967
- Estate of Meyer v. CommissionerUnited States Tax Court · 1972
- Griffin v. CommissionerUnited States Tax Court · 1967
- Klarkowski v. CommissionerUnited States Tax Court · 1965
- BAKER ENTERPRISES v. COMMISSIONERUnited States Tax Court · 1998
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