Marquette Law Review Volume 60 Article 3 Issue 1 Fall 1976 Federal Tax Consequences of Ordinary Transactions in Real Estate Robert E. Meldman Nelson S. Weine Follow this and additional works at: http://scholarship.law.marquette.edu/mulr Part of the Law Commons Repository Citation Robert E. Meldman and Nelson S. Weine, Federal Tax Consequences of Ordinary Transactions in Real Estate, 60 Marq. L. Rev. 61 (1976). Available at: http://scholarship.law.marquette.edu/mulr/vol60/iss1/3 This Article is brought to you for free and open access by the Journals at Marquette Law Scholarly Commons. It has been accepted for inclusion in Marquette Law Review by an authorized administrator of Marquette Law Scholarly Commons. For more information, please contact
[email protected]. FEDERAL TAX CONSEQUENCES OF ORDINARY TRANSACTIONS IN REAL ESTATE ROBERT E. MELDMAN* and NELSON S. WEINE** I. INTRODUCTIONt The final consequences of a transaction in real estate, no matter how common or extraordinary, can differ substantially as a result of its tax effects. Some of the greatest tax catastro- phies often occur in the day to day transactions of buying, selling and renting real estate. Thus, for purposes of guiding one's client to the best results, it behooves the practicing attor- ney to become as familiar as possible with the tax laws which can affect the outcome of a transaction in real estate. II. How TITLE SHOULD BE TAKEN IN ACQUISITION OF REAL ESTATE One of the most important problems facing a taxpayer who plans to acquire real property is the form of ownership in which he should take title.