Often to their peril, selling taxpayers ignore or fail to appreciate the full picture of their sale transaction, as effectively demonstrated by Braen v. Commissioner, TCM 2023-85, and Parker v. Commissioner, TCM 2023-104. More specifically, the taxpayers in each case incorrectly accounted for the consideration received as sellers of property.
It is noteworthy that these recent Tax Court cases, although unrelated and quite disparate (and potentially appealable to different circuits) reinforce the notion that sellers of property must account for all consideration received in the sales transaction, including items that on first blush may appear divisible from or otherwise unconnected to the deal. Braen is appealable to the U.S. Court of Appeals for the Third Circuit, and Parker is appealable to the U.S. Court of Appeals for the Ninth Circuit.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
