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the sale of his personal residence. We hold it does. Unless
otherwise indicated, section references are to the Internal
Revenue Code in effect for the relevant year. Rule references
are to the Tax Court Rules of Practice and Procedure. Dollar
amounts have been rounded to the nearest dollar.
Background
All of the facts have been stipulated and are so found.
These facts and the exhibits submitted therewith are incorporated
herein by this reference. Petitioner resided in Mission Viejo,
California, when he petitioned the Court. He filed a 1992 Form
1040, U.S. Individual Income Tax Return, using the filing status
of "Single". He reported on that return that his 1992 gross
income was $10,009, and that his 1992 taxable income was zero.
On October 20, 1992, petitioner sold his residence located
at 168 Salisbury Avenue, Goleta, California (Goleta Property),
for $195,000. He received net proceeds of $85,113 at the
closing, and he realized a $114,449 gain on the sale. He
reported his gain on a 1992 Form 2119, Sale of Your Home. This
form stated that petitioner had not yet purchased a replacement
property, but that petitioner intended to do so within the
replacement period.
On November 2, 1992, petitioner presented his son Rueben
Moreno with a check for $82,113. Twenty-nine days later, Rueben
Moreno purchased property located at 28 Tamarac Place, Mission
Viejo, California (Tamarac Property), for $157,000. Rueben Moreno
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