Klein v. Commissioner
United States Tax Court
During the period 1935 to 1944 petitioner acquired by purchase various mortgage pool participations, mortgage participations and mortgage certificates which were in the process of liquidation. In the taxable year 1944 petitioner received various payments thereon, and on his income tax return treated the amounts received in excess of his cost as long-term capital gains. The respondent determined the gains to be taxable as ordinary income.
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During the period 1935 to 1944 petitioner acquired by purchase various mortgage pool participations, mortgage participations and mortgage certificates which were in the process of liquidation. In the taxable year 1944 petitioner received various payments thereon, and on his income tax return treated the amounts received in excess of his cost as long-term capital gains. The respondent determined the gains to be taxable as ordinary income. Held: (1) Petitioner was not a dealer in mortgage pool participations, mortgage participations, and/or mortgage certificates. (2) The mortgage pool…
1Opinion of the Court
Adolph Klein, Petitioner, v. Commissioner of Internal Revenue, Respondent
Klein v. Commissioner
Docket No. 19310
United States Tax Court
15 T.C. 26; 1950 U.S. Tax Ct. LEXIS 127;
July 19, 1950, Promulgated
Decision will be entered under Rule 50.
During the period 1935 to 1944 petitioner acquired by purchase various mortgage pool participations, mortgage participations and mortgage certificates which were in the process of liquidation. In the taxable year 1944 petitioner received various payments thereon, and on his income tax return treated the amounts received in excess of his cost as long-term…
2Cases cited5 opinions
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
- Caulkins v. CommissionerUnited States Tax Court · 1943
- Cumberland County v. Lemoyne Trust Co.Supreme Court of Pennsylvania · 1935
- Avery v. CommissionerUnited States Tax Court · 1949
- Klein v. CommissionerUnited States Tax Court · 1950