Kemon v. Commissioner
United States Tax Court
The partnership of which petitioners were members was a trader as to securities held by it for more than 6 months. Such securities were not held primarily for sale to customers in the ordinary course of trade or business. The gain on their sale or exchange is taxable at capital gains rates pursuant to section 117 (b) of the Internal Revenue Code.
1Opinion of the Court
George R. Kemon, et al., * Petitioners, v. Commissioner of Internal Revenue, Respondent
Kemon v. Commissioner
Docket Nos. 20265, 20266, 20267, 20268, 20269, 20270, 20271
United States Tax Court
16 T.C. 1026; 1951 U.S. Tax Ct. LEXIS 199;
May 14, 1951, Promulgated
Decisions will be entered under Rule 50.
The partnership of which petitioners were members was a trader as to securities held by it for more than 6 months. Such securities were not held primarily for sale to customers in the ordinary course of trade or business. The gain on their sale or exchange is taxable at capital gains rates pursuant to…
2Cases cited14 opinions
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Schafer v. HelveringSupreme Court of the United States · 1936
- Wood v. CommissionerUnited States Tax Court · 1951
- Kemon v. CommissionerUnited States Tax Court · 1951
- Commissioner of Internal Revenue v. BurnettCourt of Appeals for the Fifth Circuit · 1941
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