- 8 -
74 (1963), affd. per curiam 336 F.2d 771 (9th Cir. 1964); Haggard
v. Commissioner, 24 T.C. 1124, 1129 (1955), affd. 241 F.2d 288
(9th Cir. 1956). We next consider each of these factors.
1. Title Passage to the Sopers
Passage of title is normally the most important factor.
Baertschi v. Commissioner, 412 F.2d 494, 498 (6th Cir. 1969),
revg. and remanding 49 T.C. 289 (1967). Title to the Blue Lake
property passed to the Sopers on August 5, 1991, more than 2
years after petitioners bought their new residence.
2. Whether the Benefits and Burdens of Ownership Passed
to the Sopers
Petitioners argue that they transferred the benefits and
burdens of ownership of the Blue Lake property to the Sopers on
or before July 19, 1991.
To decide whether the Sopers acquired the benefits and
burdens of ownership in the Blue Lake property, we consider
whether the Sopers: (a) Bore the risk of loss of the property
from all causes; (b) were obligated to pay all taxes,
assessments, and charges against the property; (c) had the duty
to maintain the property; (d) were responsible for insuring the
property; (e) had the right to possess the property and to enjoy
the use, rents, and profits thereof; (f) had the right to improve
the property without the sellers' consent; and (g) had the right
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011