- 3 -
complete nonrecognition of gain if a replacement residence having
a cost at least equal to the adjusted sale price of the old
principal residence was purchased within 2 years before or after
the sale of the old principal residence. Petitioner did not
purchase a replacement residence within the time allowed by
section 1034(a).
Petitioner did not file Federal income tax returns for the
tax years 1992 through 1996. Petitioner had gross income in
excess of $35,000 in each of those years.
OPINION
Petitioner appears to argue that the Government is unjustly
enriching itself by assessing and collecting a tax on the sale of
her house because its sale and her inability to replace it were
the consequences of her ex-husband's actions and his failure to
provide adequate support. While we sympathize with the
predicament petitioner now finds herself in, the revenue statutes
provide no relief from paying tax on those grounds.
Petitioner also seems to contend that either the fair market
value or the appraised value at the time of her divorce should be
used as the basis of the house in computing the gain realized.
1(...continued)
the Internal Revenue Code in effect for the years in issue, and
all Rule references are to the Tax Court Rules of Practice and
Procedure.
Page: Previous 1 2 3 4 5 Next
Last modified: May 25, 2011