DeCleene v. Commissioner
United States Tax Court
P had operated his business on the M Street property since 1977. In 1992, P purchased the unimproved L Drive property as replacement property.
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P had operated his business on the M Street property since 1977. In 1992, P purchased the unimproved L Drive property as replacement property. In September 1993, P and WLC, who wished to acquire M Street, agreed that M Street and unimproved L Drive were of equal value, $ 142,400; P quitclaimed title to L Drive to WLC for a deferred cash consideration of $ 142,400, to be paid at a second closing; WLC agreed to build a building on L Drive to P's specifications and in December 1993 to reconvey L Drive to P, with the substantially completed building on it, in exchange for M Street. These…
1Opinion of the Court
Beghe, Judge:
Respondent determined for the taxable year 1993 that petitioners had a Federal income tax deficiency of $23,796 and were liable for a section 6662(a)1 accuracy-related penalty of $4,759.
The sole substantive issue for decision is whether the subject transactions qualified as a taxable sale of the Lawrence Drive property and a like-kind section 1031(a)(1) exchange of the McDonald Street property, as petitioners reported them, or were a taxable sale of the McDonald Street property, as respondent determined. We uphold respondent’s determination that the transactions resulted in a…
2Cases cited31 opinions
- United States v. BoyleSupreme Court of the United States · 1985
- New York v. MacLaySupreme Court of the United States · 1933
- T. J. Starker v. United StatesCourt of Appeals for the Ninth Circuit · 1979
- McWilliams v. CommissionerSupreme Court of the United States · 1947
- Stark v. CommissionerUnited States Tax Court · 1986
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