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MAGNESON v. C.I.R.

No. 84-7069.

753 F.2d 1490 (1985)

Norman J. and Beverly G. MAGNESON, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided February 20, 1985.

Attorney(s) appearing for the Case

Thomas W. Bettles, Post, Kirby, Noonan, Sweat, San Diego, Cal., for petitioner-appellee.

Raymond Hepper, Washington, D.C., for respondent-appellant.

Before WALLACE and BOOCHEVER, Circuit Judges, and JAMESON, District Judge.

BOOCHEVER, Circuit Judge:

We are faced in this case with an issue of first impression in the Courts of Appeals: whether property acquired in a like-kind exchange with the intention of contributing it to a partnership under Internal Revenue Code § 721 is "held" for investment within the meaning of Internal Revenue Code § 1031(a).

Petitioners Norman and Beverly Magneson exchanged a fee interest in one piece...

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