Packard v. Commissioner of IRS

The Commissioner appealed the Tax Court's grant of summary judgment to petitioner on his pro se petition for review of a tax deficiency determination. At issue was whether the Tax Court erred as a matter of law in holding that petitioner and his wife were entitled to the first-time homebuyers tax credit even though, when considered as a single marital unit, they did not qualify for the credit under 26 U.S.C. 36(c) of the Internal Revenue Code. Section 36(c) requires that for a married couple to qualify for the first-time homebuyer tax credit, both spouses collectively must meet the same statutory requirements, either as first-time homebuyers under section 36(c)(1) or as long-time residents under section 36(c)(6). The court held that the Tax Court's decision was directly contrary to the plain language of the statute and should be reversed. View "Packard v. Commissioner of IRS" on Justia Law