- 5 - ex-husband and the cost of improvements are not in dispute, and it is clear that after the divorce petitioner had acquired all the cost basis in the property. The total cost basis, which was reported on petitioner's 1991 income tax return, is the correct amount to be used to compute petitioner's gain. See Godlewski v. Commissioner, 90 T.C. 200 (1988). To properly account for the concessions, a recomputation of petitioner's tax deficiencies will be necessary, and Decision will be entered under Rule 155. 3(...continued) shall be the adjusted basis of the transferor. (c) Incident to Divorce.--For purposes of subsection (a)(2), a transfer of property is incident to the divorce if such transfer-- (1) occurs within 1 year after the date on which the marriage ceases, or (2) is related to the cessation of the marriage.Page: Previous 1 2 3 4 5
Last modified: May 25, 2011