- 2 -
New Mexico law. Held, further, amplifying the holding
in Koch v. Commissioner, 71 T.C. 54 (1978), the coal
supply contracts are “like-kind” property within the
meaning of sec. 1031, I.R.C., and are not taxable as
part of the exchange.
Martin D. Ginsburg, Alan S. Kaden, and Richard A. Wolfe, for
petitioner.
Alan M. Jacobson and Donald L. Wells, for respondent.
OPINION
GERBER, Chief Judge: The parties filed motions for summary
judgment1 under Rule 1212 at docket No. 20328-04 with respect to
the issue of whether coal supply contracts that burdened coal
mine property received by a partnership, as part of an exchange
under section 1031, are like-kind property to the gold mining
property transferred by the partnership.
Background
On June 25, 1993, Peabody Natural Resources Co. (a
partnership then known as Hanson Natural Resources Co.) (Peabody)
1Respondent filed a cross-motion for partial summary
judgment, as his position, if correct, would not have resolved
all controversy between the parties. However, the partnership’s
position, if correct, would be dispositive of all matters in
controversy.
2All Rule references are to the Tax Court Rules of Practice
and Procedure, and all section references, unless otherwise
indicated, are to the Internal Revenue Code as amended and in
effect for the years in issue.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011