Meyer v. Commissioner
United States Tax Court
1. In 1954, petitioners, for family convenience, purchased residential property in a new subdivision in Spokane called Chester Hills. At that time they had under construction a residence more expensive than the one purchased which they expected to occupy when completed. They expected to make a profit on the residence purchased in the new subdivision when it should subsequently be sold.
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1. In 1954, petitioners, for family convenience, purchased residential property in a new subdivision in Spokane called Chester Hills. At that time they had under construction a residence more expensive than the one purchased which they expected to occupy when completed. They expected to make a profit on the residence purchased in the new subdivision when it should subsequently be sold. They expected, however, to reside in this new residence until the one then under construction was completed, and this they did. Just prior to the completion of their more expensive residence they sold the…
1Opinion of the Court
Harold K. and Verda Meyer, Petitioners, v. Commissioner of Internal Revenue, Respondent
Meyer v. Commissioner
Docket No. 78343
United States Tax Court
34 T.C. 528; 1960 U.S. Tax Ct. LEXIS 125;
June 21, 1960, Filed
Decision will be entered for the respondent.
1. In 1954, petitioners, for family convenience, purchased residential property in a new subdivision in Spokane called Chester Hills. At that time they had under construction a residence more expensive than the one purchased which they expected to occupy when completed. They expected to make a profit on the residence purchased in the new…
2Cases cited3 opinions
- Wilkes v. CommissionerUnited States Tax Court · 1951
- Koehn v. CommissionerUnited States Tax Court · 1951
- Meyer v. CommissionerUnited States Tax Court · 1960