Tempel v. Comm'r
United States Tax Court
In 2004 Ps donated a qualified conservation easement to a qualified charitable organization. As a result, Ps received conservation easement income tax credits from the State of Colorado. These credits were transferable to other taxpayers. That same year Ps sold a portion of those credits. Ps reported short-term capital gains from the sales of the State credits.
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In 2004 Ps donated a qualified conservation easement to a qualified charitable organization. As a result, Ps received conservation easement income tax credits from the State of Colorado. These credits were transferable to other taxpayers. That same year Ps sold a portion of those credits. Ps reported short-term capital gains from the sales of the State credits. Ps claimed an allocated portion of the professional fees they incurred to complete the conservation easement donation, as adjusted basis in the State tax credits they sold. R determined the State income tax credits that Ps sold were…
1Opinion of the Court
OPINION
Wherry, Judge:
This case involves a petition for redeter-mination of income tax deficiencies determined by respondent for petitioners’ 2004 and 2005 tax years. It is before the Court on respondent’s August 3, 2009, motion for partial summary judgment and petitioners’ August 31, 2009, cross-motion for partial summary judgment. See Rule 121(a).1 Respondent argues that petitioners’ gains from sales of their transferable Colorado income tax credits (State tax credits) are not capital gains and instead should be taxed as ordinary income. Respondent also argues in the alternative that…
2Cases cited37 opinions
- Neely v. CommissionerUnited States Tax Court · 1985
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Burnet v. HarmelSupreme Court of the United States · 1932
- Sundstrand Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1994
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1992
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- Patrick v. Comm'rUnited States Tax Court · 2014
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