O'BARR v. COMMISSIONER

Docket No. 5454-63.

44 T.C. 501 (1965)

BENJAMIN A. O'BARR AND RUBY L. O'BARR, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 30, 1965.


Attorney(s) appearing for the Case

E. Gene Wade, for the petitioners.

Eugene H. Ciranni, for the respondent.


OPINION

MULRONEY, Judge:

Respondent determined deficiencies in petitioners' income taxes for the years 1961 and 1962 in the respective amounts of $431.19 and $275.13.

Petitioners received capital gain upon the sale of a portion of the 2-acre tract on which their dwelling house was located. The issue is whether the gain is to be recognized when they invested the proceeds of the sale in a new residence and moved into it within 18 months after...

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