Greene-Haldeman v. Commissioner
United States Tax Court
Held, upon this record, sales of automobiles which had been acquired new and rented to different lessees for varying periods of time by an automobile dealer who also engaged in the sale of new and used cars, were sales of property held primarily for sale to customers in the ordinary course of petitioner's trade or business and profits from such sales are taxable as ordinary income. Sec. 117(j), I.R.C. 1939.
1Opinion of the Court
Beuce, Judge:
This proceeding involves deficiencies in income tax of petitioner for the years and in the amounts as follows:
Fiscal year ended Sept. SO Deficiency
1949_$1,805.14
1950_ 1,582. 83
1951_ 10,536.89
1952_ 34, 950. 92
The questions for decision are (1) whether profits from the sales of certain automobiles held for more than 6 months constitute capital gains under section 117(j), I.R.C. 1939, and, if so, (2) whether certain overhead and administrative expenses incurred in selling such automobiles should serve to reduce the sales price in the computation of capital gains or whether they…
2Cases cited7 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Philber Equipment Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1956
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3Cited by14 opinions
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- Tesche v. CommissionerUnited States Tax Court · 1959
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