Peabody Natural Resources Company, f.k.a. Hanson Natural Resources Company, Cavenham Forest Industries, Inc., A Partner Other Than The Tax Matters Partner - Page 2

                                        - 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