October 5, 2000
Tax Court Backs Donors In Property-Gift Dispute
By GRANT WILLIAMSThe U.S. Tax Court has overruled the Internal Revenue Service and decided that two Texas residents were entitled to a charitable-gift deduction for a year in which they made a deal to sell property to a church for less than the property was worth.
Kenneth L. Musgrave and Etta D. Musgrave signed a contract for deed with a local church in 1994 to sell the property for $152,500, which the church agreed to pay in monthly installments of $1,400. When
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