Bolker v. Commissioner
United States Tax Court
Petitioner and his wife were equal shareholders of a corporation owning undeveloped land. In May 1969, after the corporation granted an option to a bank to purchase the land, the bank decided to exercise the option, but failed to execute the sale. From April 1970 until September 1970, petitioner and the bank exchanged various offers and counteroffers regarding the sale and exchange of the corporate property.
Read the full summary
Petitioner and his wife were equal shareholders of a corporation owning undeveloped land. In May 1969, after the corporation granted an option to a bank to purchase the land, the bank decided to exercise the option, but failed to execute the sale. From April 1970 until September 1970, petitioner and the bank exchanged various offers and counteroffers regarding the sale and exchange of the corporate property. After petitioner's divorce in September 1970, he became sole shareholder in the corporation and, upon the advice of his attorneys, he decided to remove the property from the corporation…
1Opinion of the Court
Wilbur, Judge:
Respondent has determined the following deficiencies in petitioners’ Federal income taxes:
Docket No. Petitioner Taxable year ended Deficiency
7100-77 Joseph R. Bolker 12/31/72 $1,714,973
7100-77 Jospeh R. Bolker 12/31/73 9,747
8379-78 Joseph R. Bolker, transferee 3/28/72 896,919
These consolidated cases present the following issues for our decision:(1) Whether petitioner’s exchange of the Montebello property should be imputed to petitioner’s wholly owned corporation; and(2) Whether the exchange of the Montebello property qualifies for nonrecognition treatment under section 1031.2
FIND…
2Cases cited21 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Central Tablet Manufacturing Co. v. United StatesSupreme Court of the United States · 1974
- Court Holding Co. v. CommissionerUnited States Tax Court · 1943
- Portland Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1940
16 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Joseph R. Bolker v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Martin Ice Cream Co. v. Comm'rUnited States Tax Court · 1998
- Dolese v. CommissionerUnited States Tax Court · 1984
- Chase v. CommissionerUnited States Tax Court · 1989
- Kloppenberg & Co. v. CommissionerUnited States Tax Court · 1986
14 more not listed; retrieve them via the Exa API.