Boesel v. Commissioner
United States Tax Court
In September 1968 petitioner-husband was transferred by his employer from New York to San Francisco. As a result of the transfer, petitioners sold their residence in Greenwich, Conn., at an adjusted sales price of $ 162,307. One week later they purchased a new residence in Belvedere, Calif., at a cost of $ 138,222. This new residence had been constructed by the vendor on land leased to him for 75 years, as was required by the terms of the lease.
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In September 1968 petitioner-husband was transferred by his employer from New York to San Francisco. As a result of the transfer, petitioners sold their residence in Greenwich, Conn., at an adjusted sales price of $ 162,307. One week later they purchased a new residence in Belvedere, Calif., at a cost of $ 138,222. This new residence had been constructed by the vendor on land leased to him for 75 years, as was required by the terms of the lease. Pursuant to provision 5 in the lease, which proscribed any transfer or assignment of rights in the residence without an accompanying transfer or…
1Opinion of the Court
OPINION
Dawson, Chief Judge:
Respondent determined a deficiency of $6,881 in petitioners’ Federal income tax for the year 1968.
Petitioners have made one concession. At issue is whether the discounted present value of future lease payments should be included in computing petitioners’ cost of purchasing their new residence for the purpose of applying the nonrecognition of gain provisions of section 1034,1.R.C. 1954.1
All of the facts are stipulated. The stipulation of facts and exhibits attached thereto are incorporated herein by this reference. The pertinent facts are summarized below.
Richard E.…
2Cases cited7 opinions
- Carlos and Jacqueline Marcello v. Commissioner of Internal Revenue, Joseph, Jr. And Anastasia Marcello v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1967
- Walburga Oesterreich v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- United States v. Nunnally Investment Co.Supreme Court of the United States · 1942
- Bachenheimer v. Palm Springs Management Corp.California Court of Appeal · 1953
- Parker v. Superior CourtCalifornia Court of Appeal · 1970
2 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- T. J. Starker v. United StatesCourt of Appeals for the Ninth Circuit · 1979
- Tamarisk Country Club v. CommissionerUnited States Tax Court · 1985
- Gates v. CommissionerUnited States Tax Court · 2010
- Boesel v. CommissionerUnited States Tax Court · 1975
- De Ocampo v. CommissionerUnited States Tax Court · 1997
4 more not listed; retrieve them via the Exa API.