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Click v. Commissioner

78 T.C. 225 (1982)

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Click v. Commissioner

United States Tax Court

78 T.C. 225 (1982)

Facts

Dollie H. Click (plaintiff) exchanged a parcel of farmland for two residential properties that she gifted to her two adult children and their spouses seven months later. Click had previously encouraged her children to look for new houses to use as “swap” property. Click’s children had wanted to move into larger homes, and they personally selected the two residential properties that Click purchased and later gifted to them. The children began living in the residential properties before they were gifted, claiming to be caretakers. Although Click, an experienced investor, usually managed her own investments, her children took over management of the two residential properties, including paying insurance and property taxes and making custom improvements. On her 1974 tax return, Click did not include any income related to the exchange of properties. The commissioner of internal revenue (defendant) determined that the exchange did not qualify for nonrecognition under I.R.C. § 1031 and assessed a deficiency accordingly. Click petitioned the court, arguing that the exchange was like-kind because she had no firm plan to gift the properties at the time of the exchange and wanted something that would grow in value.

Rule of Law

Issue

Holding and Reasoning (Sterrett, J.)

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