Griffin v. Commissioner
United States Tax Court
1. On Jan. 3, 1961, petitioners conveyed by deed 1,115.96 acres of farmland in Phillips County, Ark., to Radcliffe Investment Co. in exchange for two Arkansas farm properties located in Phillips County, a farm in Missouri, and $ 5,683.60 in cash.
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1. On Jan. 3, 1961, petitioners conveyed by deed 1,115.96 acres of farmland in Phillips County, Ark., to Radcliffe Investment Co. in exchange for two Arkansas farm properties located in Phillips County, a farm in Missouri, and $ 5,683.60 in cash. The value of the Missouri farm at time of the exchange was $ 110,550. On July 13, 1960, during earlier negotiations with Radcliffe relating to the disposition of petitioners' farm, petitioners agreed in writing to sell the aforesaid Missouri farm to B. A. Craig for $ 110,550, the sale to take place on or before Jan. 10, 1961, but not before Jan. 2,…
1Opinion of the Court
OPINION
TURNER, Judge:
Under section 1031(a)3 no gain or loss is to be-recognized if property held for productive use in a taxpayer’s trade or business or for investment is exchanged solely for property of a liker kind “to be held either for productive use in trade or business or for investment.” If, however, in the exchange the property received consists not only of property permitted under section 1031(a) to be received without recognition of gain but also of other property or money, then under section 1031(b)4 the gain realized by the recipient is to be recognized up to the sum of the money…
2Cases cited13 opinions
- Eckert v. BurnetSupreme Court of the United States · 1931
- Spiegel v. CommissionerUnited States Tax Court · 1949
- Hart v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1932
- Murl Clark v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Commonwealth v. KelinsonSuperior Court of Pennsylvania · 1962
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3Cited by11 opinions
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- Cullicutt v. Pro. Services of Potts CampMississippi Supreme Court · 2007
- Wagensen v. CommissionerUnited States Tax Court · 1980
- Alvarez v. AlvarezDistrict Court of Appeal of Florida · 2001
- Stahl v. CommissionerUnited States Tax Court · 1987
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