“Fairfield Plaza, Inc. v. Commissioner”的意思、由来-开放百科全书

词条

Fairfield Plaza, Inc. v. Commissioner

释义

Background
Facts Tax return Issues
Opinion of the court
References

{{Infobox court case
|name = Fairfield Plaza, Inc. v. Commissioner
|court = United States Tax Court
|image = Seal of the United States Tax Court.svg
|imagesize =
|imagelink =
|imagealt =
|caption =
|full name = Fairfield Plaza, Inc. v. Commissioner of Internal Revenue
|date decided = {{start date|1963|01|23|df=}}
|citations = [https://www.leagle.com/decision/196374539brtc7061676 39 T.C. 706] (1963)
|ECLI =
|transcripts =
|judges = Bruce
|number of judges = 1
|decision by = Bruce
|prior actions =
|appealed from =
|appealed to =
|subsequent actions =
|related actions =
|opinions =
|keywords = {{hlist | Return on capital}}
|LawsApplied =Internal Revenue Code
|italic title = yes
}}

Fairfield Plaza, Inc. v. Commissioner, 39 T.C. 706 (1963)^[1] was a case before the United States Tax Court discussing timing alternatives in taxing the return of capital.

Background

Facts

The taxpayer purchased a piece of land, divided it into two tracts, and made certain improvements.

The taxpayer sold both of the tracts of land in different years and allocated his basis between the two tracts based upon area. The taxpayer also allocated certain amounts that had been placed into escrow between the two tracts. The amounts in escrow were for improvements to the tract that was sold last.

Tax return

The IRS determined that the taxpayer improperly allocated these allocations in its tax return.

Issues

The taxpayer challenged the IRS's determination, claiming that the IRS erroneously determined the proper allocation of his basis between the two tracts of land and that the IRS erroneously allocated the amounts that were placed in escrow for improvements between the two tracts of land.

Opinion of the court

The court affirmed, finding that the allocation of basis was not proper within the meaning of Treas. Reg. § 1.61-6, reasoning that:

the relative values of the two tracts were different
the tract that was sold last was of a greater value
the taxpayer was not entitled to allocate the amounts placed into escrow between the two tracts of land. The court reasoned that the amounts in question were used for improvements to the tract that was sold last.

References

1. ^{{cite court |litigants=Fairfield Plaza, Inc. v. Commissioner |vol=39 |reporter=T.C. |opinion=706 |pinpoint= |court=T.C. |date=1963 |url=https://www.leagle.com/decision/196374539brtc7061676 |accessdate=2017-10-02 |quote=}}

3 : United States Tax Court cases|United States taxation and revenue case law|1963 in United States case law

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