DeCleene v. Commissioner
United States Tax Court
P had operated his business on the M Street property since 1977. In 1992, P purchased the unimproved L Drive property as replacement property.
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P had operated his business on the M Street property since 1977. In 1992, P purchased the unimproved L Drive property as replacement property. In September 1993, P and WLC, who wished to acquire M Street, agreed that M Street and unimproved L Drive were of equal value, $ 142,400; P quitclaimed title to L Drive to WLC for a deferred cash consideration of $ 142,400, to be paid at a second closing; WLC agreed to build a building on L Drive to P's specifications and in December 1993 to reconvey L Drive to P, with the substantially completed building on it, in exchange for M Street. These…
1Opinion of the Court
DONALD DECLEENE AND DORIS DECLEENE, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
DeCleene v. Commissioner
No. 24459-97
United States Tax Court
115 T.C. 457; 2000 U.S. Tax Ct. LEXIS 82; 115 T.C. No. 34;
November 17, 2000, Filed
Decision will be entered under Rule 155.
P had operated his business on the M Street property since
1977. In 1992, P purchased the unimproved L Drive property as
replacement property. In September 1993, P and WLC, who wished
to acquire M Street, agreed that M Street and unimproved L Drive
were of equal value, $ 142,400; P quitclaimed title to L Drive to
WLC for a…
2Cases cited32 opinions
- United States v. BoyleSupreme Court of the United States · 1985
- Neely v. CommissionerUnited States Tax Court · 1985
- New York v. MacLaySupreme Court of the United States · 1933
- T. J. Starker v. United StatesCourt of Appeals for the Ninth Circuit · 1979
- McWilliams v. CommissionerSupreme Court of the United States · 1947
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