Yunker v. Commissioner
United States Tax Court
1. Gain on Sale of Real Estate -- Capital Gain or Ordinary Income. -- Held, that land in a tract subdivided into 5-acre parcels, sold by petitioner in 1950 and 1951, was held in the taxable years primarily for sale to customers in the ordinary course of a business, and the gains realized are taxable as ordinary income rather than long-term capital gain. 2. Year in Which Gain is Taxable -- Cash Basis -- Cash Sales. -- Petitioner's agent executed contracts for two sales of…
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1. Gain on Sale of Real Estate -- Capital Gain or Ordinary Income. -- Held, that land in a tract subdivided into 5-acre parcels, sold by petitioner in 1950 and 1951, was held in the taxable years primarily for sale to customers in the ordinary course of a business, and the gains realized are taxable as ordinary income rather than long-term capital gain. 2. Year in Which Gain is Taxable -- Cash Basis -- Cash Sales. -- Petitioner's agent executed contracts for two sales of real estate at the end of 1949 under which the buyer was to pay cash and the deed was to be given when the entire purchase…
1Opinion of the Court
OPINION.
HaRRON, Judge:
The petitioner contends that all of the parcels making up 71 acres of land were capital assets within the meaning of section 117 (a), 1939 Code, so that gains realized from the sale thereof are entitled to capital gain treatment. The Commissioner has determined that petitioner’s efforts to dispose of the property in question constituted the carrying on of a trade or business and that the petitioner, in the taxable years, held the parcels of land primarily for sale to customers in the ordinary course of her trade or business so that the property cannot be treated as…
2Cases cited24 opinions
- Thrift v. CommissionerUnited States Tax Court · 1950
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Mauldin v. CommissionerUnited States Tax Court · 1951
- Farley v. CommissionerUnited States Tax Court · 1946
- Greenspon v. CommissionerUnited States Tax Court · 1954
19 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Bauschard v. CommissionerUnited States Tax Court · 1959
- Ayling v. CommissionerUnited States Tax Court · 1959
- Alderson v. CommissionerUnited States Tax Court · 1962
- George L. Castner Co. v. CommissionerUnited States Tax Court · 1958
- Barrios v. CommissionerUnited States Tax Court · 1957
9 more not listed; retrieve them via the Exa API.