Smith v. Commissioner
United States Tax Court
Petitioners acquired improved realty of which they were the purchase-money mortgagees at the trustee's sale held after the buyers' default. Held: The holding period of the previously unimproved land in petitioners' hands may not be tacked to the holding period of the after-acquired apartment buildings erected on the land by the buyers.
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Petitioners acquired improved realty of which they were the purchase-money mortgagees at the trustee's sale held after the buyers' default. Held: The holding period of the previously unimproved land in petitioners' hands may not be tacked to the holding period of the after-acquired apartment buildings erected on the land by the buyers. Sec. 1.1038-1(g)(3), Income Tax Regs.Sec. 1223(1), I.R.C. 1954, is not called into play because there is no warrant for allocating to the buildings any of petitioners' adjusted basis for the installment obligation of the buyers.
1Opinion of the Court
Hugh H. Smith and Evelyn J. Smith, Petitioners v. Commissioner of Internal Revenue, Respondent; George W. Smith and Betty Smith, Petitioners v. Commissioner of Internal Revenue, Respondent
Smith v. Commissioner
Docket Nos. 4503-70, 4504-70
United States Tax Court
58 T.C. 874; 1972 U.S. Tax Ct. LEXIS 70;
August 21, 1972, Filed
Decisions will be entered under Rule 50.
Petitioners acquired improved realty of which they were the purchase-money mortgagees at the trustee's sale held after the buyers' default. Held: The holding period of the previously unimproved land in petitioners' hands may not be…
2Cases cited8 opinions
- Paul v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
- Draper v. CommissionerUnited States Tax Court · 1959
- Paul v. CommissionerUnited States Tax Court · 1952
- Cleveland-Sandusky Brewing Corp. v. CommissionerUnited States Tax Court · 1958
- Fairfield Plaza, Inc. v. CommissionerUnited States Tax Court · 1963
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