Zongker v. Commissioner
United States Tax Court
1. A corporation engaged in real estate development held not a collapsible corporation (sec. 117(m)(1)(2)(A), I.R.C. 1939) where at the time of the sale of its stock by petitioners 200 of its 474 residential lots had been sold and a substantial part of its total expected net income had been realized. Petitioners' gain on the sale of their one-half interest in the corporation's stock which they had held for more than 6 months was taxable as long-term capital gain.
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1. A corporation engaged in real estate development held not a collapsible corporation (sec. 117(m)(1)(2)(A), I.R.C. 1939) where at the time of the sale of its stock by petitioners 200 of its 474 residential lots had been sold and a substantial part of its total expected net income had been realized. Petitioners' gain on the sale of their one-half interest in the corporation's stock which they had held for more than 6 months was taxable as long-term capital gain. Rose Sidney, 30 T.C. 1155, affd. 273 F. 2d 928, followed. 2. Value of interest in real estate which petitioners acquired as part…
1Opinion of the Court
Fisher, Judge:
Respondent has determined deficiencies in petitioners’ income tax and liability for additions to tax under section 294(d) (1) (A), section 294(d) (2), Code of 1939, and section 6651(a), Code of 1954, for the calendar years 1953 and 1955 as follows:
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The questions in issue are: (1) Whether petitioners’ gain in 1953 from the sale of the stock of a corporation in which they owned a one-half interest is taxable as capital gain or whether the corporation was a collapsible corporation within the meaning of section 111(m), Code of 1939, so that the gain is taxable as…
2Cases cited10 opinions
- Commissioner v. AckerSupreme Court of the United States · 1959
- R. A. Bryan and Ruby M. Bryan, C. B. McNairy and Rowena A. McNairy W. H. Weaver and Edith H. Weaver v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- Sidney v. CommissionerUnited States Tax Court · 1958
- Temkin v. CommissionerUnited States Tax Court · 1961
- Commissioner of Internal Revenue v. James B. Kelley and Lena S. Kelley, and John Waltman and Doris WaltmanCourt of Appeals for the Fifth Circuit · 1961
5 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Commissioner of Internal Revenue v. E. J. Zongker and Charleen ZongkerCourt of Appeals for the Tenth Circuit · 1964
- Day v. CommissionerUnited States Tax Court · 1970
- Manassas Airport Industrial Park, Inc. v. CommissionerUnited States Tax Court · 1976
- Lynch v. CommissionerUnited States Tax Court · 1983
- Day v. CommissionerUnited States Tax Court · 1970
2 more not listed; retrieve them via the Exa API.