Jose M. Vidaurre and Ana Maria Vidaurre - Page 4

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               Petitioners did not report any gain from the sale of the               
          land on their 1990 joint Federal income tax return.  Petitioners'           
          1990 return was prepared by their accountant, Ms. Georgina M.               
          Alcover, and filed on November 21, 1991, 7 months after the April           
          15 deadline.                                                                
               In making the decision to exclude the gain from the sale of            
          the land on their 1990 Federal Income tax return, petitioners               
          relied upon a paragraph of a brochure prepared by Century 21,               
          which stated that a person over the age of 55 could "keep all of            
          the proceeds on the sale of his or her property" to use during              
          retirement.3   The article, which was entitled "Tax Advantages              
          for Homeowners", dealt entirely with the sale of homes used as              
          primary residences.                                                         
               Respondent determined that petitioners are required to                 
          recognize gain on the sale of the Fort Lauderdale property under            
          the general rule of section 1001(c).  Petitioners assert that the           
          gain is not taxable because of either the deferral provisions               
          under section 1034(a) or the one-time exclusion of section                  
          121(a).  The Commissioner's determinations in a notice of                   
          deficiency generally are presumed correct, and the taxpayer bears           
          the burden of proving that those determinations are erroneous.              

          3  Century 21 is a realty corporation.  Its February 1990 issue             
          of The Prospector News contained an article entitled "Tax                   
          Advantages for Homeowners".                                                 

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