Elrod v. Commissioner
United States Tax Court
Petitioner transferred land pursuant to an optional sales contract, as amended, to be developed in part as a regional shopping center. The terms of the contract were ambiguous and petitioner offered parol evidence that the contract constituted an option agreement rather than a completed sale. Petitioner orally agreed that his brother and sister each were entitled to share in the net profits realized from his real estate activities.
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Petitioner transferred land pursuant to an optional sales contract, as amended, to be developed in part as a regional shopping center. The terms of the contract were ambiguous and petitioner offered parol evidence that the contract constituted an option agreement rather than a completed sale. Petitioner orally agreed that his brother and sister each were entitled to share in the net profits realized from his real estate activities. Petitioner deducted consulting fees paid to them with respect to the land transferred pursuant to the optional sales contract, as amended, as expenses incurred…
1Opinion of the Court
STERRETT, Chief Judge:
Respondent determined by notice of deficiency dated April 7, 1983, deficiencies in the Federal income taxes of petitioner for the taxable years ended December 31, 1975, and December 31, 1977, through December 31, 1980, as follows:
Taxable year Deficiency
1975. 1$25,543.28
1977. 138,016.00
1978. 127,258.00
1979. 158,030.00
1980.'.. 162,616.00
1 The deficiency determined for 1975 is based upon respondent’s disallowance of petitioner’s 1978 net operating loss that had been carried back to the 1975 taxable year.
After concessions, the issues remaining for decision are (1) whether…
2Cases cited40 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Estate of Charles T. Franklin, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1976
35 more not listed; retrieve them via the Exa API.
3Cited by60 opinions
- Washington v. Comm'rUnited States Tax Court · 2003
- Norwest Corp. v. Comm'rUnited States Tax Court · 1998
- Illinois Power Co. v. CommissionerUnited States Tax Court · 1986
- Vecchio v. CommissionerUnited States Tax Court · 1994
- Rome I, Ltd. v. CommissionerUnited States Tax Court · 1991
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