- 3 -
Naftel v. Commissioner, 85 T.C. 527, 529 (1985). The moving
party bears the burden of proving that there is no genuine issue
of material fact, and factual inferences will be read in a manner
most favorable to the party opposing summary judgment. Dahlstrom
v. Commissioner, 85 T.C. 812, 821 (1985); Jacklin v.
Commissioner, 79 T.C. 340, 344 (1982).
We are satisfied that there is no genuine issue as to any
material fact and that a decision may be rendered as a matter of
law with regard to the period of limitations that is applicable
in this case. As explained in detail below, we shall deny
petitioners’ motion for partial summary judgment.
Background
On August 26, 1996, petitioners filed a joint Form 1040,
U.S. Individual Income Tax Return, for 1995. Petitioners’ 1995
tax return included a Form 2119, Sale of Your Home.2 Petitioners
reported in part I of the Form 2119 that they: (1) Sold their
“main home” in Solvang, California (the Solvang property), on
August 4, 1995; (2) realized a gain of $511,587 on the sale of
the Solvang property; and (3) had not purchased or built a new
main home. Part I, line 9 of the Form 2119 asked in pertinent
part: “If you haven’t replaced your home, do you plan to do so
2 The Form 2119 consisted of three distinct parts:
Part I-–Gain on Sale; Part II-–One-Time Exclusion of Gain for
People Age 55 or Older; and Part III–-Adjusted Sales Price,
Taxable Gain, and Adjusted Basis of New Home.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011