130 T.C. No. 5
UNITED STATES TAX COURT
JON W. AND KRISTI NELSON, ET AL.,1 Petitioners v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket Nos. 2603-06, 2604-06, Filed February 28, 2008.
2605-06.
In 2001, two farming partnerships received Federal
crop insurance proceeds relating to sugar beet crops
destroyed by excess moisture in 2001.
Held: The partnerships and the partners thereof
may not, under sec. 451(d), I.R.C., defer until 2002
reporting as income the crop insurance proceeds
received in 2001.
Jon J. Jensen, for petitioners.
Blaine Holiday, for respondent.
1 Cases of the following petitioners are consolidated
herewith: Steven P. and Jaime Nelson, docket No. 2604-06, and
Wayne E. and Joann Nelson, docket No. 2605-06.
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Last modified: March 27, 2008