[i] Internal Revenue Code Section 1001(a)

[ii] See Delwin G. Chase and Gail J.Chase v. Commissioner 92 TC No. 53.

[iii] Capital assets defined/real estate/selling activity. Gain on sale of land was capital, not ordinary. Land wasn't held by for sale to customers in ordinary course of business. It was held for investment. Land was subdivided only for purpose of making it more marketable. Intention was to sell unimproved property as a single tract. Taxpayer was not engaged in frequent and substantial sales activity. 74 TC No. 15. George V. Buono, John R. Fiorino and Margaret H. Fiorino, Thomas F. Kane and Judy K. Kane, Francis A. Miller and Barbara A. Miller, Ben Roberts and Sylvia Roberts, and Henry E. Traphagen and Edith M. Traphagen. Docket No. 3503-78. 3-29-80. Opinion by NIMS, J. Year 1973. Deficiencies redetermined..

[iv] Section 1231 – the land the building sets on is treated the same as the building (see also §1250).

[v] Rev Rul 59-229, 1959-2 CB 180

[vi] Crooks v. Comm., 92 TC 816) (1989)

[vii] Donald Wiechens, et al. v. United States; 11 Sep 2002

[viii] Arthur E. Brauer, 1980 74 TC 1134

[ix] Rev. Rul. 75-293; Rev. Rul. 77-337

[x] Fred S. Wagensen, 74 T.C. 653

[xi] Comm. v. North Shore Bus Co., Inc., 32 AFTR 931, 143 F.sd 114 (sd. Cir., 1944) followed.

[xii] See Fred L Fredericks, TC Memo. 1994-27. The taxpayer refinanced for more than two million dollars within a month of the exchange. His reasons for refinancing were unrelated to the exchange and the Tax Court refused to treat the refinancing as boot.

[xiii] See Private Letter Ruling 8248039 and Earlene T Barker, 74 TC 555 discussed in Chapter Two.