Donald DeCleene and Doris DeCleene - Page 3

                                        - 3 -                                         

          determined.  We uphold respondent’s determination that the                  
          transactions resulted in a sale of the McDonald Street property,            
          but we hold for petitioners on the penalty issue.                           
                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated and are so found.               
          The stipulations of fact and the accompanying exhibits are                  
          incorporated herein by this reference.  Petitioners are husband             
          and wife who resided in Green Bay, Wisconsin, at the time they              
          filed their petition.                                                       
               Since 1969, petitioner Donald DeCleene (petitioner) has                
          owned and operated a trucking/truck repair business.  In 1976 and           
          1977, petitioner purchased improved real property located on                
          McDonald Street, Green Bay (the McDonald Street property).  He              
          used the McDonald Street property for his business operations.              
               In 1993, petitioners owned and worked as employees of                  
          DeCleene Truck Repair and Refrigeration, Inc. (Refrigeration).              
          Petitioner served as president.  Refrigeration installs and                 
          repairs truck refrigeration units and performs general truck                
          repairs.  Through December 29, 1993, Refrigeration rented the               
          McDonald Street property from petitioner as its business                    
          premises.  Petitioner computed his adjusted basis for the                   
          McDonald Street property, including the depreciated cost of                 
          improvements, as being $59,831 at the time he disposed of that              
          property on December 29, 1993.                                              

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011