- 4 - 1996 rollover, which claim still could be acted upon. Respondent further explained that “the issuance of the 1994 statutory notice should not be used as a means to deny petitioner the benefit of the election for 1994.” We understand from petitioner’s testimony that she would like to roll over the gain from the sale of the second house she sold (the 2105 house) rather than the gain realized from the sale of the first house she sold (the Ridgefield house). She explained that her accountant incorrectly rolled over the gain from the sale of the Ridgefield house on her Form 1040X for 1994. She also testified that her accountant had incorrectly reported the sale of the 2105 house as the sale of rental property on her 1996 Form 1040. Although we are sympathetic to petitioner’s situation, we are unable to address her 1996 tax year. This is a court of limited jurisdiction. See sec. 7442. We lack jurisdiction to redetermine petitioner’s tax liability in years for which the Commissioner has not issued a notice of deficiency. See secs. 6213(a) and 6214(a) and (b). The only notice of deficiency issued to petitioner was with respect to her 1994 tax year. Petitioner’s rollover of gain from the sale of the Ridgefield house into the 2106 house comports with the requirements of section 1034. The provisions of section 1034 are mandatory; a taxpayer cannot elect to have gain recognized underPage: Previous 1 2 3 4 5 6 Next
Last modified: May 25, 2011