Richards v. Commissioner
United States Board of Tax Appeals
A taxpayer who owned land which had been devoted to farming purposes and which became too valuable for those purposes, through agents employed by him, subdivided and improved it, and after advertisement sold the lots. This course continued through at least three years.
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A taxpayer who owned land which had been devoted to farming purposes and which became too valuable for those purposes, through agents employed by him, subdivided and improved it, and after advertisement sold the lots. This course continued through at least three years. Held, that the lots were held by the taxpayer primarily for sale in the course of his business and that he is not entitled to the benefits of sections 208 of the Revenue Act of 1926 and 101 of the Revenue Act of 1928.
1Opinion of the Court
OPINION.
Maeqtjette :
The respondent has determined deficiencies in income tax for the years 1927 and 1928 in the respective amounts of $486.69 and $12,552.81. The only issue is whether certain real estate sold in the taxable years constituted capital assets within the meaning of section 208 (a) (8) of the Revenue Act of 1926, and section 101 (c) (8) of the Revenue Act of 1928.
This proceeding was submitted upon a stipulation of the parties to the effect that two affidavits of the petitioner, one dated October 20,1930, together with exhibits thereto attached, and the other dated September 15,…
2Cases cited10 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- The Parker Mills v. . the Commissioners of TaxesNew York Court of Appeals · 1861
- Mente v. EisnerCourt of Appeals for the Second Circuit · 1920
- Schwinn v. CommissionerUnited States Board of Tax Appeals · 1928
5 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Anderson v. CommissionerUnited States Tax Court · 1956
- Starke v. CommissionerUnited States Tax Court · 1960
- Reynolds v. CommissionerUnited States Tax Court · 1945
- Briggs v. CommissionerUnited States Tax Court · 1956
- Haden v. CommissionerUnited States Tax Court · 1943
8 more not listed; retrieve them via the Exa API.