Frank G. Templeton and Helen M. Templeton v. Commissioner of Internal Revenue

Fourth Circuit

Frank G. Templeton and Helen M. Templeton v. Commissioner of Internal Revenue

573 F.2d 866, 41 A.F.T.R.2d (RIA) 1186, 1978 U.S. App. LEXIS 11605

CourtCourt of Appeals for the Fourth Circuit

DecidedApril 18, 1978

Docket77-1440

StatusPublished

Cited by3 cases

This text of 573 F.2d 866 (Frank G. Templeton and Helen M. Templeton v. Commissioner of Internal Revenue) is published on Counsel Stack Legal Research, covering Court of Appeals for the Fourth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Frank G. Templeton and Helen M. Templeton v. Commissioner of Internal Revenue, 573 F.2d 866, 41 A.F.T.R.2d (RIA) 1186, 1978 U.S. App. LEXIS 11605 (4th Cir. 1978).

Pincite

Opinion

PER CURIAM:

The Tax Court held that taxpayers had failed to prove that they were entitled to non-recognition of capital gains as provided by § 1033(a)(3)(A) of the Internal Revenue Code of 1954 when they expended the proceeds of a condemnation award to purchase control of a corporation which they had organized and to which they had conveyed some real property owned by them and members of their family before the condemnation award was made. Frank G. and Helen M. Templeton, 66 T.C. 51 (1976).

The issue of whether the purchase of control was of a corporation “owning . property similar or related in service or use to the property so [condemned] . for the purpose of replacing the property so [condemned]” was largely factual. From our review of the record and consideration of the arguments, both written and oral, we conclude that the Tax Court correctly found the facts, applied the correct legal standards and reached the correct conclusion. We affirm on its opinion.

AFFIRMED.

Free access — add to your briefcase to read the full text and ask questions with AI

PER CURIAM:

The Tax Court held that taxpayers had failed to prove that they were entitled to non-recognition of capital gains as provided by § 1033(a)(3)(A) of the Internal Revenue Code of 1954 when they expended the proceeds of a condemnation award to purchase control of a corporation which they had organized and to which they had conveyed some real property owned by them and members of their family before the condemnation award was made. Frank G. and Helen M. Templeton, 66 T.C. 51 (1976).

The issue of whether the purchase of control was of a corporation “owning . property similar or related in service or use to the property so [condemned] . for the purpose of replacing the property so [condemned]” was largely factual. From our review of the record and consideration of the arguments, both written and oral, we conclude that the Tax Court correctly found the facts, applied the correct legal standards and reached the correct conclusion. We affirm on its opinion.

AFFIRMED.

Cite This Page — Counsel Stack

Bluebook (online)

573 F.2d 866, 41 A.F.T.R.2d (RIA) 1186, 1978 U.S. App. LEXIS 11605, Counsel Stack Legal Research, https://law.counselstack.com/opinion/frank-g-templeton-and-helen-m-templeton-v-commissioner-of-internal-ca4-1978.

Opinion

Related

Cite This Page — Counsel Stack