Goldberg v. Commissioner
United States Tax Court
World War II housing was built by Pinecrest Housing, Inc., for rental purposes and was so used by the corporation between 1943 and 1945. By the beginning of 1946 the nature of Pinecrest's business had changed. It was then holding its properties for sale, and was in the business of selling houses. Held, the 90 houses sold by Pinecrest Housing, Inc., in 1946 were held by the corporation primarily for sale to customers in the ordinary course of its business.
1Opinion of the Court
OPINION.
Ttetjens, Judge:
Petitioners concede that if respondent’s determination of deficiencies is correct, the resulting liability is chargeable to them as transferees of the assets of Pinecrest corporation in amounts greater than the deficiencies.
Section 117 (a) of the Internal Revenue Code defines “capital assets” as property held by. the taxpayer, whether or not used in his trade or business, and then lists specific types of property excluded from this definition; among these is real property used in the taxpayer’s trade or business. But gains from the sale of this type of property are…
2Cases cited6 opinions
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Dunlap, Acting Collector of Internal Revenue v. Oldham Lumber CoCourt of Appeals for the Fifth Circuit · 1950
- Boomhower v. United StatesDistrict Court, N.D. Iowa · 1947
- Home Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1954
- Victory Housing No. 2, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1953
1 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Nathan D. Goldberg and S. E. Wood, Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
- Ayling v. CommissionerUnited States Tax Court · 1959
- Anderson v. CommissionerUnited States Tax Court · 1956
- Camp Wolters Enterprises, Inc. v. CommissionerUnited States Tax Court · 1954
- Barrios v. CommissionerUnited States Tax Court · 1957
20 more not listed; retrieve them via the Exa API.