Boyer v. Commissioner
United States Tax Court
1. Brooks, Boyer, and B Investments were the sole and equal shareholders of B Developers, Inc. Brooks and Boyer sold two tracts of land to B Developers, one in 1966 and one in 1968, which were thereafter developed and sold in individual lots as Country Club Meadows tracts I and II.
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1. Brooks, Boyer, and B Investments were the sole and equal shareholders of B Developers, Inc. Brooks and Boyer sold two tracts of land to B Developers, one in 1966 and one in 1968, which were thereafter developed and sold in individual lots as Country Club Meadows tracts I and II. Held, the gain realized by Brooks and Boyer on the sale of tract II of Country Club Meadows to B Developers is taxable as ordinary income rather than capital gain. 2. Additionally, a partnership comprised of Brooks, Boyer, and B Investments leased the Fluhrer office building to B Developers in 1966 for $ 15,000…
1Opinion of the Court
Drennen, Judge:
Respondent determined deficiencies in the income taxes of petitioners as follows:
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The three cases were consolidated for trial because of common factual and legal issues. At trial, three issues were presented for our determination. However, on brief, respondent conceded one of the issues so there remain but two issues for our decision: (1) Whether income realized by petitioners Robert A. Boyer and Charles W. Brooks from the 1968 sale of a 9.96-acre tract of land jointly owned by them should be taxed as long-term capital gain or as ordinary income; and (2) whether…
2Cases cited25 opinions
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Grenada Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1953
- Commissioner v. First Security Bank of Utah, N. A.Supreme Court of the United States · 1972
- Walter H. Kaltreider and Irene C. Kaltreider v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Ballentine Motor Co., Inc., Ballentine's, and Ballentine Motors, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1963
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3Cited by9 opinions
- Procacci v. Comm'rUnited States Tax Court · 1990
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- Cary v. CommissionerUnited States Tax Court · 1973
- Turner v. CommissionerUnited States Tax Court · 1974
- Boyer v. CommissionerUnited States Tax Court · 1972
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