- 2 - effect for the years in issue, and all Rule references are to the Tax Court Rules of Practice and Procedure. Respondent determined deficiencies in petitioner’s Federal income taxes of $15,117 and $3,957 for the taxable years 1996 and 1997. After concessions by petitioner,1 the sole issue for decision is whether, and if so to what extent, petitioner is required to include in income long-term capital gain of $49,297 realized from the sale of her personal residence in 1996. Some of the facts have been stipulated and are so found. The stipulations of fact and the attached exhibits are incorporated herein by this reference. Petitioner resided in Lee’s Summit, Missouri, on the date the petition was filed in this case. In 1973, petitioner and her former husband, Clinton Anthony, purchased a residence in Compton, California, for $29,900. They made no major improvements to the residence. On January 17, 1984, petitioner was divorced from Mr. Anthony in California. Pursuant to the agreement, by deed dated March 14, 1984, Mr. 1For taxable year 1996, petitioner concedes she is not entitled to disallowed itemized deductions of $20,750, solely contingent upon a possible computational adjustment to the claimed medical expense deduction which may be required pursuant to the Court’s holding on the remaining issue in this case. For taxable year 1997, petitioner concedes the entire deficiency.Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011