Murphy v. Commissioner
United States Tax Court
T and his wife realized a gain on the sale of their jointly owned residence in December 1988. In their joint return they did not report the gain as gross income but deferred recognition of the gain, pursuant to sec. 1034, I.R.C., by indicating their intention on Form 2119 to purchase another residence within the 2-year period permitted by sec. 1034, I.R.C.
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T and his wife realized a gain on the sale of their jointly owned residence in December 1988. In their joint return they did not report the gain as gross income but deferred recognition of the gain, pursuant to sec. 1034, I.R.C., by indicating their intention on Form 2119 to purchase another residence within the 2-year period permitted by sec. 1034, I.R.C. Thereafter, T and his wife were separated in December 1989, and were later divorced in May 1991. However, subsequent to the separation, but within the 2-year period, T purchased a personal residence for himself. He then filed an amended…
1Opinion of the Court
OPINION
Raum, Judge:
The Commissioner determined an income tax deficiency of $45,035 and additions to tax under sections 6653(a) and 6661 of $2,252 and $11,259, respectively, for the year 1988.1 Petitioner and his then wife sold their jointly owned principal residence. About a year later the couple separated, and prior to divorce petitioner purchased a principal residence for himself within the 2-year replacement period permitted by section 1034(a). His wife, however, failed to purchase a replacement residence within the 2-year period. The issues for decision are: (1) Whether petitioner may…
2Cases cited12 opinions
- Neely v. CommissionerUnited States Tax Court · 1985
- Carlos and Jacqueline Marcello v. Commissioner of Internal Revenue, Joseph, Jr. And Anastasia Marcello v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1967
- Enoch v. CommissionerUnited States Tax Court · 1972
- Sonnenborn v. CommissionerUnited States Tax Court · 1971
- Axelrod v. CommissionerUnited States Tax Court · 1971
7 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Snowa v. CommissionerUnited States Tax Court · 1995
- Silverman v. CommissionerUnited States Tax Court · 1996
- Dunnegan v. CommissionerUnited States Tax Court · 1995
- Feldman v. CommissionerUnited States Tax Court · 1996
- Murphy v. CommissionerUnited States Tax Court · 1994
2 more not listed; retrieve them via the Exa API.