Monday v. Commissioner
United States Tax Court
The operation by which petitioner sold defense housing units was in all important respects substantially equivalent to a business. Held: The gains from such sales are taxable as ordinary income.
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The operation by which petitioner sold defense housing units was in all important respects substantially equivalent to a business. Held: The gains from such sales are taxable as ordinary income. In each of the taxable years petitioner received, in addition to the sales price of the defense housing units sold upon which the net gain on sales involved in the principal issue were calculated, a partial return of amounts of so-called "escrow accounts," which amounts were not reported either as long-term capital gain or ordinary income when received. Held, that petitioner has failed to sustain the…
1Opinion of the Court
William Eugene Monday, Jr. v. Commissioner. William Eugene Monday, Jr., and Florence S. Monday, Husband and Wife v. Commissioner.
Monday v. Commissioner
Docket Nos. 50918, 50919.
United States Tax Court
T.C. Memo 1957-1; 1957 Tax Ct. Memo LEXIS 252; 16 T.C.M. (CCH) 1; T.C.M. (RIA) 57001;
January 2, 1957
The operation by which petitioner sold defense housing units was in all important respects substantially equivalent to a business. Held: The gains from such sales are taxable as ordinary income.
In each of the taxable years petitioner received, in addition to the sales price of the defense housing…
2Cases cited4 opinions
- Phillips v. Comissioner of Internal RevenueUnited States Tax Court · 1955
- Acampo Winery & Distilleries, Inc. v. CommissionerUnited States Tax Court · 1946
- Goldberg v. CommissionerUnited States Tax Court · 1954
- Reithmeyer v. CommissionerUnited States Tax Court · 1956
3Cited by2 opinions
- Commissioner of Internal Revenue v. D. B. AndersCourt of Appeals for the Tenth Circuit · 1969
- Commissioner of Internal Revenue v. D. B. AndersCourt of Appeals for the Tenth Circuit · 1969