Siewert v. Commissioner
United States Tax Court
Held: A property settlement agreement entered on May 2, 1972, between petitioner and his former wife, incorporated in their divorce decree of the same date, did not call for an approximately equal division of their community property but for a sale or exchange.
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Held: A property settlement agreement entered on May 2, 1972, between petitioner and his former wife, incorporated in their divorce decree of the same date, did not call for an approximately equal division of their community property but for a sale or exchange. Petitioner's basis in the community assets allocated to him under the agreement must be adjusted to reflect such unequal division as well as the payments he obligated himself to make from noncommunity property sources. Held, further, that the sale or exchange between petitioner and his former wife with respect to their community…
1Opinion of the Court
Featherston, Judge:
Respondent determined a deficiency in the amount of $2,976.28 in petitioner’s Federal income tax for 1972. Petitioner concedes the adjustments determined by respondent in the notice of deficiency. He claims, however, a refund in the amount of $21,288.07 for 1972, raising for decision the following issues:(1) Whether the division of property between petitioner Courtney L. Siewert and Helen Siewert, husband and wife, under a property settlement agreement approved in a divorce decree entered May 2, 1972, was a nontaxable partition of community property or a taxable purchase…
2Cases cited27 opinions
- Cockerham v. CockerhamTexas Supreme Court · 1975
- McWilliams v. CommissionerSupreme Court of the United States · 1947
- Fred M. Waring and Virginia Waring v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1969
- Columbus & G. R. Co. v. CommissionerUnited States Tax Court · 1964
- Deyoe v. CommissionerUnited States Tax Court · 1976
22 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Sarah M. Harris v. United StatesCourt of Appeals for the Fifth Circuit · 1985
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Berger v. CommissionerUnited States Tax Court · 1996
- Balding v. CommissionerUnited States Tax Court · 1992
- Davis v. CommissionerUnited States Tax Court · 1987
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