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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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