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v. Commissioner, 52 T.C. 394, 409-410 (1969); 124 Front Street,
Inc. v. Commissioner, 65 T.C. 6 (1975); Biggs v. Commissioner, 69
T.C. 905 (l978), affd. 632 F.2d 1171 (5th Cir. 1980); Fredericks
v. Commissioner, T.C. Memo. 1994-27.
We preface our review of these cases by acknowledging that
they all reflect, to some degree, the liberal interpretation in
favor of taxpayers that this Court and other courts have applied
in cases under section 1031(a)(1). We also observe that none of
these cases concerned a reverse exchange and that all of them are
highly fact specific and therefore distinguishable from the case
at hand. Petitioners have read these cases selectively,
emphasizing in each of them what the taxpayer got away with. In
so doing, petitioners have lost sight of the cumulative adverse
effect on their position of all the facts in the case at hand,
which have led to our conclusion that WLC never acquired
beneficial ownership of the Lawrence Drive property. It would
therefore be a sterile exercise to engage in a detailed
recitation of the facts of these cases and a point-by-point
refutation of their applicability to the case at hand. A couple
of highlights from J.H. Baird Publg. Co. v. Commissioner, supra,
will suffice.
Petitioners try to make something of the fact that the Court
in J.H. Baird Publg. Co. v. Commissioner, 39 T.C. at 618,
distinguished Bloomington Coca-Coca Bottling Co. v. Commissioner,
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