Shaw v. Commissioner
United States Tax Court
On Mar. 1, 1973, Ps sold their old principal residence and moved to Fox Creek Ranch, which they had acquired in 1963 and had reconstructed between Mar. 1, 1972, and Mar. 1, 1974. Held, under sec. 1034, I.R.C. 1954, only the cost attributable to the actual reconstruction of the Fox Creek Ranch can be included in Ps' "cost of purchasing the new residence."
1Opinion of the Court
OPINION
Simpson, Judge:
The Commissioner determined a deficiency of $10,260.20 in the petitioners’ Federal income tax for 1973. The only issue to be decided is whether the fair market value of the petitioners’ new principal residence which was acquired more than 1 year prior to the sale of their old principal residence can be included in “the cost of purchasing the new residence,” within the meaning of section 1034 of the Internal Revenue Code of 1954.1
All of the facts have been stipulated, and those facts are so found.
The petitioners, Charles M. Shaw and Joyce J. Shaw, husband and wife,…
2Cases cited10 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Bayley v. CommissionerUnited States Tax Court · 1960
- Nelson C. And Adele B. Elam v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1973
- United States v. Edwin L. Sheahan and Deborah M. SheahanCourt of Appeals for the Fifth Circuit · 1963
5 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Thomas v. CommissionerUnited States Tax Court · 1989
- Tamarisk Country Club v. CommissionerUnited States Tax Court · 1985
- King v. CommissionerUnited States Tax Court · 1979
- Powell v. CommissionerUnited States Tax Court · 1980
- Perry v. CommissionerUnited States Tax Court · 1994
14 more not listed; retrieve them via the Exa API.