Norris v. Commissioner
United States Tax Court
Held: Petitioner held real estate primarily for sale in the ordinary course of his trade or business and profits from sales of such real estate constitute ordinary income; petitioner's profits from real estate sales in 1973 and 1978 are decreased by costs of renovations and repairs; amount of 1978 loss attributable to theft of coin collection determined; and petitioner liable for additions to tax pursuant to sections 6651(a), 6653(a), and 6654.
1Opinion of the Court
RALPH S. NORRIS, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Norris v. Commissioner
Docket No. 11344-83.
United States Tax Court
T.C. Memo 1986-151; 1986 Tax Ct. Memo LEXIS 457; 51 T.C.M. (CCH) 852; T.C.M. (RIA) 86151;
April 16, 1986.
Held: Petitioner held real estate primarily for sale in the ordinary course of his trade or business and profits from sales of such real estate constitute ordinary income; petitioner's profits from real estate sales in 1973 and 1978 are decreased by costs of renovations and repairs; amount of 1978 loss attributable to theft of coin collection…
2Cases cited31 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- United States v. BoyleSupreme Court of the United States · 1985
- Bixby v. CommissionerUnited States Tax Court · 1972
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
26 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Robert F. Goeller and Jeanette M. Goeller v. United StatesUnited States Court of Federal Claims · 2013