Rogers v. Commissioner
United States Tax Court
The petitioners entered into an option agreement to sell property. Prior to the exercise of the option by the optionee, the petitioners entered into negotiations for the acquisition of similar property from a third party and the transfer of the optioned property, subject to the option, to such third party.
Read the full summary
The petitioners entered into an option agreement to sell property. Prior to the exercise of the option by the optionee, the petitioners entered into negotiations for the acquisition of similar property from a third party and the transfer of the optioned property, subject to the option, to such third party. The petitioners executed a deed in the name of the escrow agent with instructions to deliver the deed to the order of the third party when, among other things, title to the other property was vested in them. The third party later delivered to the escrow agent deeds covering such other…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax of petitioners in the amounts of $111,707.80 for the year 1958 and $1,417.90 for the year 1960. The parties have reached agreement as to all issues for 1960 and all issues for 1958 except the issue of whether the transfer by petitioners in 1958 of a parcel of realty and the acquisition of another constituted a nontaxable exchange within the meaning of section 1031 of the Internal Revenue Code of 1954 as the petitioners contend, or whether the petitioners’ transfer constituted a sale, gain from which is to be recognized under…
2Cases cited11 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Weiss v. StearnSupreme Court of the United States · 1924
- Television Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1960
- James Alderson, Surviving Husband and Estate of Clarissa E. Alderson, Deceased, James Alderson v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Coastal Terminals, Inc. v. United StatesCourt of Appeals for the Fourth Circuit · 1963
6 more not listed; retrieve them via the Exa API.
3Cited by44 opinions
- 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
- Woodbury v. CommissionerUnited States Tax Court · 1967
- Coupe v. Comm'rUnited States Tax Court · 1969
- John M. Rogers and John M. Rogers, of the Estate of Gladys B. Rogers, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1967
- Local Finance Corp. v. CommissionerUnited States Tax Court · 1967
39 more not listed; retrieve them via the Exa API.