-57-
T.C. 708, 724 (1981); Baird v. Commissioner, 68 T.C. 115, 124
(1977); Clodfelter v. Commissioner, 48 T.C. 694, 700-701 (1967),
affd. 426 F.2d 1391 (9th Cir. 1970). We consider the following
factors in deciding whether a sale has occurred: (1) Whether the
seller transferred legal title; (2) whether the benefits and
burdens of ownership passed to the buyer; (3) whether the owner
had a right under the agreement to require the other party to buy
the property; and (4) how the parties treated the transaction.
Grodt & McKay Realty, Inc. v. Commissioner, 77 T.C. 1221, 1237-
1238 (1981); Derr v. Commissioner, supra at 724; Baird v.
Commissioner, supra at 124; Merrill v. Commissioner, 40 T.C. 66,
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).
1. Title Passage to the Woods
While not a single determinative factor, passage of title is
an important consideration. Harmston v. Commissioner, 61 T.C.
216, 229 (1973), affd. per curiam 528 F.2d 55 (9th Cir. 1976).
Title to 15 Hastings never passed to the Woods.
2. Benefits and Burdens to the Woods
To decide whether the Woods acquired the benefits and
burdens of ownership in 15 Hastings, we look to whether the
Woods: (1) Bore the risk of loss; (2) were obligated to pay all
taxes, assessments, and charges against the property; (3) had the
duty to maintain the property; (4) were responsible for insuring
the property; (5) had the right to possess the property; (6) had
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