Dobin v. Commissioner
United States Tax Court
Petitioners leased and occupied a new house as their principal residence in October 1974, expressing a written intent at that time to purchase the property. They purchased the property in April 1975, and continued to occupy it thereafter. Held, petitioners are entitled to a sec. 44, I.R.C. 1954, tax credit because they "acquired and occupied," within the purview of sec. 44(e)(1)(B), a new principal residence after Mar. 12, 1975.
1Opinion of the Court
OPINION
Nims, Judge:
Respondent has determined an income tax deficiency of $2,416.16 for the year 1975. The sole issue for our determination is whether petitioners are entitled to a section 441 tax credit for purchasing a new principal residence in the year 1975.
The facts in this case were fully stipulated. The stipulation of facts and attached exhibits are incorporated herein by reference.
Petitioners’ legal residence was in the State of Wisconsin at the time the petition was filed in this case.
In October 1974, petitioners moved from Springfield, Ill., to Madison, Wis., where they rented a…
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