Pasqualini v. Commissioner
United States Tax Court
Ps bought property at a U.S. Customs Service auction. Ps held the property for more than 1 year and then donated it to an organization tax exempt under sec. 501(c)(3), I.R.C. Sec. 170(e)(1)(A), I.R.C., limits a taxpayer's charitable contribution deduction when any gain received by the taxpayer would not have been long-term capital gain if the taxpayer had sold the property at its fair market value.
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Ps bought property at a U.S. Customs Service auction. Ps held the property for more than 1 year and then donated it to an organization tax exempt under sec. 501(c)(3), I.R.C. Sec. 170(e)(1)(A), I.R.C., limits a taxpayer's charitable contribution deduction when any gain received by the taxpayer would not have been long-term capital gain if the taxpayer had sold the property at its fair market value. Held, in deciding whether the limitation of sec. 170(e)(1)(A) applies to the property donated by Ps, we apply the factors used to decide whether the property is a capital asset under sec. 1221(1),…
1Opinion of the Court
ANTHONY J. AND JACQUELINE O. PASQUALINI, ET AL., 1 Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Pasqualini v. Commissioner
Docket Nos. 45377-86, 45507-86, 45508-86, 46096-86, 46466-86, 48955-86, 48956-86, 24165-87, 32279-87, 37626-87, 39093-87, 39094-87, 39095-87, 39096-87, 39535-87, 39541-87, 39603-87, 39604-87, 8692-89, 8702-89, 9332-89, 9391-89, 9394-89, 26140-89, 18463-90, 2011-91
United States Tax Court
103 T.C. 1; 1994 U.S. Tax Ct. LEXIS 44; 103 T.C. No. 1; 68 T.C.M. (CCH) 89; T.C. Memo 1994-323;
July 18, 1994, Filed
Decision will be entered under rule 155.
Ps bought property at…
2Cases cited17 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Stubbs, Overbeck & Associates, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1971
- Walter H. Kaltreider and Irene C. Kaltreider v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Stark v. CommissionerUnited States Tax Court · 1986
- Kaltreider v. CommissionerUnited States Tax Court · 1957
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