Avery v. Commissioner
United States Tax Court
In the taxable year petitioner received partial payments on certificates of indebtedness issued by the Maple Grove Cemetery Association, in registered form. Held, the gain realized is taxable as capital gain under section 117 (f) of the Internal Revenue Code, and not as ordinary income.
1Opinion of the Court
OPINION.
Leech, Judge:
This proceeding involves income tax for the calendar year 1944 in the amount of $2,939.58. Respondent claims an increased deficiency of $417.48. The sole contested issue is whether the amount received by petitioner in the taxable year on certain certificates issued by the Maple Grove Cemetery Association over the cost thereof is taxable as ordinary income or long term capital gain.
The facts have been stipulated. We adopt the stipulation as our findings of fact. Those facts material here are as follows:
Petitioner filed his income tax return for the taxable year with the…
2Cases cited2 opinions
- American Exchange National Bank v. Woodlawn CemeteryNew York Court of Appeals · 1909
- Timken v. CommissionerUnited States Tax Court · 1946
3Cited by9 opinions
- Baker Commodities, Inc. v. CommissionerUnited States Tax Court · 1967
- Sherwood Memorial Gardens, Inc. v. CommissionerUnited States Tax Court · 1964
- Gardens of Faith, Inc. v. CommissionerUnited States Tax Court · 1964
- Jamison v. United StatesDistrict Court, N.D. California · 1968
- Klein v. CommissionerUnited States Tax Court · 1950
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