Cowden v. Commissioner
United States Tax Court
Held, that a sale of lots by a trust and the subsequent construction of a building by the trust (using a part of the proceeds from the sale in part payment for such construction), did not constitute a nontaxable exchange within the contemplation of section 1031 of the Internal Revenue Code of 1954. Held, further, that amounts expended by the petitioner, as attorney and trustee of the trust, on behalf of the trust in connection with litigation to clear title to the trust…
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Held, that a sale of lots by a trust and the subsequent construction of a building by the trust (using a part of the proceeds from the sale in part payment for such construction), did not constitute a nontaxable exchange within the contemplation of section 1031 of the Internal Revenue Code of 1954. Held, further, that amounts expended by the petitioner, as attorney and trustee of the trust, on behalf of the trust in connection with litigation to clear title to the trust property (and in part payment of the original cost of the property) constituted additional cost of the property, and are…
1Opinion of the Court
J. Fleet Cowden and Lettie P. Cowden v. Commissioner.
Cowden v. Commissioner
Docket No. 1213-63.
United States Tax Court
T.C. Memo 1965-278; 1965 Tax Ct. Memo LEXIS 51; 24 T.C.M. (CCH) 1528; T.C.M. (RIA) 65278;
October 21, 1965
Held, that a sale of lots by a trust and the subsequent construction of a building by the trust (using a part of the proceeds from the sale in part payment for such construction), did not constitute a nontaxable exchange within the contemplation of section 1031 of the Internal Revenue Code of 1954.
Held, further, that amounts expended by the petitioner, as attorney and…
2Cases cited15 opinions
- United States v. Jefferson Electric Manufacturing Co.Supreme Court of the United States · 1934
- Shomaker v. CommissionerUnited States Tax Court · 1962
- Louisiana Land & Exploration Co. v. CommissionerUnited States Tax Court · 1946
- Bowers v. LumpkinCourt of Appeals for the Fourth Circuit · 1944
- Louisiana Land & Exp. Co. v. Commissioner of Int. Rev.Court of Appeals for the Fifth Circuit · 1947
10 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Vocelle v. CommissionerUnited States Tax Court · 1968