Martin Feldman and Lynne Z. Gold-Bikin - Page 2

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          1988 taxable year, and Rule references are to the Tax Court Rules           
          of Practice and Procedure.                                                  
               References to petitioner husband are to Martin Feldman, and            
          references to petitioner wife are to Lynne Z. Gold-Bikin.  After            
          concessions,1 the sole issue for decision is whether petitioners            
          are entitled to defer any of the gain realized by petitioner                
          husband on the sale of his former residence.                                
                                     Background                                       
               This case was submitted fully stipulated pursuant to Rule              
          122.  The stipulation of facts and the attached exhibits are                
          incorporated by this reference, and the facts contained therein             
          are found accordingly.  Petitioners resided in King of Prussia,             
          Pennsylvania, at the time the petition was filed in this case.              
               Petitioners timely filed a joint Federal income tax return             
          for the year 1988 with the Philadelphia service center using the            
          cash receipts and disbursements method of accounting.                       
               Petitioners were married on June 28, 1987.  At the time of             
          their marriage, petitioner husband owned a house in Wyndmoor,               
          Pennsylvania (the Wyndmoor property), and petitioner wife owned a           
          house in King of Prussia, Pennsylvania (the King of Prussia                 
          property).  On August 16, 1988, petitioner husband sold the                 
          Wyndmoor property for an adjusted sale price of $340,798.70                 
          (contract sale price of $365,500 less $24,702.30 for settlement             

          1Petitioners concede that the negligence penalty is                         
          applicable to any deficiency determined in this case.                       




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