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circumstances. See Clodfelter v. Commissioner, 426 F.2d 1391,
1393 (9th Cir. 1970), affg. 48 T.C. 694 (1967); Baird v.
Commissioner, supra at 124. As all contracts at issue appear to
involve Georgia properties and to have been executed in Georgia,
the relevant State law is supplied by the statutes and courts of
that jurisdiction.
Among the factors which this and other courts have cited as
indicative of the benefits and burdens of ownership are: A right
to possession; an obligation to pay taxes, assessments, and
charges against the property; a responsibility for insuring the
property; a duty to maintain the property; a right to improve the
property without the seller’s consent; a bearing of the risk of
loss; and a right to obtain legal title at any time by paying the
balance of the full purchase price. See Goldberg v.
Commissioner, T.C. Memo. 1997-74; see also Major Realty Corp. v.
Commissioner, supra at 1487; Grodt & McKay Realty, Inc. v.
Commissioner, 77 T.C. 1221, 1237-1238 (1981); Musgrave v.
Commissioner, T.C. Memo. 2000-285; Berger v. Commissioner, T.C.
Memo. 1996-76; Spyglass Partners v. Commissioner, T.C. Memo.
1995-452. When a buyer, by virtue of such incidents, would be
considered to have obtained equitable ownership under State law,
a sale will generally be deemed completed for Federal tax
purposes. See Baird v. Commissioner, supra at 126; Berger v.
Commissioner, supra; Spyglass Partners v. Commissioner, supra.
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