Linda Carter Zimmerman - Page 11




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          legally entitled.  Her right to do so provided her with the                 
          opportunity to exercise sufficient control over her share of the            
          proceeds so as to consider those proceeds received by her.                  
          “[I]ncome is received or realized when it is made subject to the            
          will and control of the taxpayer and can be, except for his own             
          action or inaction, reduced to actual possession.”  Loose v.                
          United States, 74 F.2d 147, 150 (8th Cir. 1934).                            
               Under Florida law and as expressly noted by the divorce                
          court, petitioner, as a joint owner of the townhouse, was                   
          entitled to one-half of the income attributable to the property.            
          In those instances where each spouse has an equal right to the              
          income from the jointly held property, the usual rule is that               
          one-half of the income from the property is properly taxable to             
          each spouse.  See Urbauer v. Commissioner, supra; Rosen v.                  
          Commissioner, T.C. Memo. 1994-40; Rosenbaum v. Commissioner, T.C.           
          Memo. 1992-287, affd. per order (7th Cir., July 28, 1993); Finney           
          v. Commissioner, T.C. Memo. 1976-329.  The usual rule applies               
          even to those situations, such as here, where one spouse does not           
          actually receive any of the income attributable to the jointly              
          held property.                                                              
               Petitioner authorized the sale of the townhouse.  The record           
          contains no details of the settlement documents that petitioner             
          signed and returned to the settlement agent.  Nevertheless, in              
          the absence of anything in the record that suggests otherwise, we           






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