Estate of Jayne v. Commissioner
United States Tax Court
Decedent owned a commercial riding stable facility which was sold under threat of condemnation. In 1966, decedent elected to defer the gain realized under sec. 1033. Decedent then purchased unimproved real property and had detailed plans drawn up for the building of a replacement commercial riding facility, but encountered difficulty in getting the real property zoned for commercial use.
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Decedent owned a commercial riding stable facility which was sold under threat of condemnation. In 1966, decedent elected to defer the gain realized under sec. 1033. Decedent then purchased unimproved real property and had detailed plans drawn up for the building of a replacement commercial riding facility, but encountered difficulty in getting the real property zoned for commercial use. Decedent died after litigation granting rezoning on the real property was completed but before the replacement riding stable was built. Prior to his death, decedent transferred certificates of deposit in the…
1Opinion of the Court
Wxuss, Judge:
Respondent determined a deficiency in the income tax of petitioner for the taxable year 1966 in the amount of $219,846.61. Several issues have been settled by the parties. The only issue remaining for our consideration is -whether the acquisition of property by a surviving spouse in her own right qualifies as a replacement of property for purposes of applying the nonrecognition provisions of section 1033.1
FINDING'S OF FACT
Some of the facts have been stipulated and are found accordingly.
The petitioner is Marion P. Jayne, who is a party to this action in her capacity as executrix…
2Cases cited12 opinions
- McSpadden v. CommissionerUnited States Tax Court · 1968
- Miller Music Corp. v. Charles N. Daniels, Inc.Supreme Court of the United States · 1960
- Bonczkowski v. KucharskiIllinois Supreme Court · 1958
- Klajbor v. KlajborIllinois Supreme Court · 1950
- The People v. VarelIllinois Supreme Court · 1932
7 more not listed; retrieve them via the Exa API.
3Cited by45 opinions
- Achiro v. CommissionerUnited States Tax Court · 1981
- Shea v. CommissionerUnited States Tax Court · 1999
- Jonson v. Comm'rUnited States Tax Court · 2002
- Wayne Bolt & Nut Co. v. CommissionerUnited States Tax Court · 1989
- Sanderling, Inc. v. CommissionerUnited States Tax Court · 1976
40 more not listed; retrieve them via the Exa API.