Coupe v. Comm'r
United States Tax Court
Petitioners contracted to sell their farm (Elk Grove), which included about 2 acres immediately surrounding their residence, to S.P. for $ 2,500 per acre in a series of conveyances. S.P. contracted to pay interest on all deferred payments. Subsequently petitioners and S.P. reformed their contract so that petitioners exchanged parcels of Elk Grove with third parties for (respectively) property of like kind, a deed-of-trust note, a new residence, and cash.
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Petitioners contracted to sell their farm (Elk Grove), which included about 2 acres immediately surrounding their residence, to S.P. for $ 2,500 per acre in a series of conveyances. S.P. contracted to pay interest on all deferred payments. Subsequently petitioners and S.P. reformed their contract so that petitioners exchanged parcels of Elk Grove with third parties for (respectively) property of like kind, a deed-of-trust note, a new residence, and cash. Said third parties included petitioners' attorneys, who purchased the exchange properties in their own names. Simultaneously the third…
1Opinion of the Court
OPINION
On June 1,1960, petitioners entered into an agreement with Southern Pacific Co. (S.P.) to sell S.P. their 188.948-acre farm (Elk Grove property) for $2,500 per acre, plus interest. S.P. made an initial $25,000 deposit. Thereafter in two separate escrow transactions (terminating on August 9, 1960, and January 10, 1961, respectively), S.P. paid in the amounts of $111,982.50 and $843,032.73, respectively, with the instruction that such amounts were to be paid to the title holders of the Elk Grove property. The latter amount included $7,657.73 in interest. S.P. thereafter received Elk…
2Cases cited22 opinions
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- Gregory v. HelveringSupreme Court of the United States · 1935
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- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- June Pinson Carlton and Charles T. Carlton, as Administrators of the Estate of Thad H. Carlton, and June Carlton v. United StatesCourt of Appeals for the Fifth Circuit · 1967
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3Cited by35 opinions
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- Norman J. And Beverly G. Magneson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
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