- 2 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
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