United States Tax Court March 8, 2000, No. 1435-98 (Nielsen v. Commissioner)

lead-opinion

OPINION

NlMS, Judge:

Respondent determined a Federal income tax deficiency for petitioner’s 1992 taxable year in the amount of $7,022. The sole issue for decision is whether proceeds received by petitioner from the condemnation of her residence are subject to taxation as capital gain to the extent that they exceeded her basis in the property.