- 3 - realized by petitioners from the exchange of the 76.5 acres did not qualify for nonrecognition under section 1031 because petitioners exchanged assets other than land; i.e., certain business operating permits issued by Pasco County, goodwill, going-concern value, and sand. We found that petitioners did not exchange assets other than the 76.5 acres of land. The parties to the transaction testified and the documents relating to the transaction showed that petitioners transferred no assets other than land. Pasco County did not allow permit holders to transfer their permits to buyers of their land. We held that petitioners' transfer of the land qualified as a like-kind exchange under section 1031. Discussion A. Motion for Administrative and Litigation Costs Generally, a taxpayer who has substantially prevailed in a Tax Court proceeding may be awarded reasonable administrative and litigation costs. Sec. 7430(a), (c). To be entitled to an award, the taxpayer must: 1. Exhaust administrative remedies.1 Sec. 7430(b)(1). Respondent concedes that petitioners meet this requirement. 1 This requirement does not apply to an award for reasonable administrative costs. Sec. 7430(b)(1).Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011